Cloud-based lending software provider Lentra has raised $60 million in fresh funding led by existing investors Bessemer Venture Partners and the Susquehanna International Group (SIG) Venture Capital. Citi Ventures also participated in the round.
The company said it would use the capital to expand into international markets, for acquisitions, and for product enhancement.
The Pune-based company is expected to enter Indonesia, Vietnam, and the Philippines by March of next year and have an international presence across five geographies outside India by the end of 2023.
It will also focus on acquisitions to improve its data and statistical engines, as well as add payment processing capabilities to improve collections on its stack.
Founded in 2018, Lentra is a Software-as-a-Service (SaaS) provider that helps banks and credit financial institutions to further digitize credit disbursals and help them in various aspects of loan servicing, including know-your-customer (KYC) compliance, servicing, and collections.
Nearly three-fourths of Lentra’s revenue comes from loan originations.
It also provides banks and financial institutions with early signaling on defaults and bad debt and undertakes portfolio scrubs to determine the health of their loan portfolio.
Since its inception, Lentra has processed more than 13 billion transactions and $21 billion worth of loans through its platform.
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