Lentra, an Indian embedded AI-based finance startup, has raised a $60 million Series B that values the startup at over $400 million.
- The round was led by current investors Bessemer Venture Partners and Susquehanna International Group (SIG), with strategic participation from Citi Ventures, a subsidiary of the New York-based investment banking giant Citigroup.
- Based in Mumbai, Lentra works with commercial banks to power their digital loan services. The fintech helps them do this through a variety of loan tools: Lentra Lending Cloud, which gives ready-to-use third-party API connectors to various data sources, as well as a Loan Management System (LMS) and a no-code Business rules engine (BREx) with modules for clients to use out-of-the-box
- Lentra counts HDFC Bank, Federal Bank, Standard Chartered and IDFC First Bank as some of its key customers. Lentra, which claims to be profiable has more than 50 clients and has processed over 13 billion transactions and $21 billion worth of loans since its launch.
- Lentra plans to utilize the funding to continue updating its platform, add new features and make it more robust and faster. The startup is also set to expand beyond its primary market and establish its business in SEA countries: Indonesia, Philippines and Vietnam.