Lentra, a Pune-based fintech SaaS startup, has announced that it has raised $60 million in Series B funding.
The funding round was led by existing investors Bessemer Venture Partners and the Susquehanna International Group (SIG) Venture Capital. Citigroup’s VC subsidiary Citi Ventures also participated in the round. HDFC Bank will also back the company, having invested Rs 7 crore in 2019.
Post the latest investment, the four-year-old startup is worth over $400 million.
As per the company’s statement, the funding will be utilised to develop product capabilities, hire new talent and focus on international expansion, especially in the USA. The Pune-based startup currently operates in India, Singapore and the Phillippines.
Vishal Gupta, Partner at Bessemer Venture Partners said, "We're excited to partner with Lentra to help establish their footprint globally. Lentra is empowering lenders to fuel the dreams of millions with effective financial inclusion and credit decisions.”
The company also flexed its superior metrics on revenue retention and emphasised the 20-fold growth it has experienced since the $12 million Series A round in 2019.
The startup was founded by D. Venkatesh and Ankur Handa in 2018, offering a lending platform, which is designed and developed to empower banks with a fully digital ecosystem. The AI solutions offered ready-to-use 3rd party API connectors to various data sources. The company counts large banks like HDFC Bank, Federal Bank, Standard Chartered and IDFC First Bank as their client.
D. Venkatesh, Founder and CEO, Lentra said, “We see a massive opportunity for ourselves in the retail assets and business banking areas worldwide. Ten-fold revenue growth and some of the biggest retail banks as our clients now, act as markers of our solution architecture.”
The company’s lending cloud services have processed over 13 billion (1,300 crore) transactions and $21 billion worth of loans on its platform to date. As of this year, Lentra’s annual consumption rate is up to $10 million and is projected to hit $100 million in 2024.