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Funding

Fintech SaaS Startup Lentra Bags $60 Mn Funding

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Fintech software-as-a-service (SaaS) platform Lentra has raised $60 Mn as part of its Series B funding round led by Bessemer Venture Partners, SIG, and Citi Ventures.

The startup will use the funding to foray into international markets including the US and Asia. Besides, Lentra will also deploy the investment for strengthening its products and the overall platform.

Lentra CEO and cofounder D Venkatesh said that the fundraising would enable the startup to expand to three Asian markets – Indonesia, the Philippines, and Vietnam. Besides, the fund infusion will also be used to build a war chest for acquisitions that may come in the fintech player’s way. 

“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 are now markers of our solution architecture. I am excited that our investors see the same opportunity and are confident of our ability to execute.”

Founded in 2018 by Venkatesh and Ankur Handa, Lentra is a SaaS fintech platform that offers digital lending solutions to banks. Essentially, it offers a cloud-native full-stack platform that helps banks across the entire lending life cycle from loan origination to cross-verifying credit scores and from loan management to fraud checks and documentation, among others.

Lentra’s offerings include individual products such as the document management system FileX, customer verification flow vKYC, and credit enquiring platform MultiBureau, among others.

“Lentra is our first fintech investment in India, and we are very excited about the team’s ability to develop and scale low-friction software solutions for lenders. As a global bank, we look forward to Lentra scaling their products and platform internationally,” said Citi Ventures’ director and APAC lead investor Everett Leonidas.

Lentra makes money from each of its offerings. The fintech SaaS platform charges its clients based on a consumption model, with a specific minimum consumption requirement. Under this, clients have to pay for each closed transaction, both offline and online. 

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