Cloud Lending Platform Lentra Raises $60 Million

Lentra, a platform for Cloud lending, raised $60 million on Monday in its Series B round, which was also joined by Citi Ventures and headed by current backers Bessemer Venture Partners and SIG Venture Capital.

The company announced that it would utilize the money to improve its products and platform as well as to expand internationally, especially in the  United States (US).

"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," said D. Venkatesh, Lentra's founder and CEO.

One of India's fastest-growing enterprise software-as-a-service (SaaS) companies, the four-year-old technology startup enables banks to adopt totally digital procedures.

"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," a partner at Bessemer Venture Partners named Vishal Gupta remarked.

Lentra lending cloud, established in 2018 by Venkatesh and Ankur Handa, serves more than 40 banks and handles more than 3 million applications each month.

On its platform, it has so far processed over 13 billion transactions and $21 billion in loans.

According to Bhavanipratap Rana, Investment Advisor to SIG, "Lentra through its modular lending cloud architecture has helped some of the largest banks in India democratize credit access by expanding into newer retail assets through instant configurable lending journeys,"