India-based Lentra, which offers AI-powered lending services, has reportedly collected $60m for its Series B funding round, which values the business at $400m.
The investment round was led by existing investors Bessemer Venture Partners and Susquehanna International Group according to a report from TechCrunch. Other commitments came from Citi Ventures, which has made its first investment into an Indian FinTech company.
Capital from the round will help Lentra update its platform, release new features and make improvements to its services. It is also planning to expand internationally, and establish operations in three new markets, Vietnam, Indonesia and the Philippines. Once it has launched in these markets, it will look to enter the US.
The company is already present in Singapore, having acquired AI startup TheDataTeam earlier in the year. Its office in Singapore will be the base for its growth across the ASEAN region.
In addition to international growth, Lentra is looking to acquire more businesses. It is looking to buy companies that will expand its capabilities with robotic process automation and payment systems. It is also looking for solutions that are not regulated entities and teams that are working on statistical modelling or building heuristics models with statistics.
Lentra is a domain-native platform that provides financial institutions with a variety of lending services. Its tools include credit cards, BNPL, anchor financing, business loans, working capital, co-lending, and more. It also supports a variety of loan types, including home, consumer durables, personal, auto, education and others.
Its technology covers the entire loan cycle, including KYC, compliance, onboarding, servicing, collections and more.
The company has processed over 13 billion transactions and $21bn worth of loans since its launch in 2018.
FinTech Global recently released research on seed deal activity in India during Q3 2022. It found that seed deal activity has dropped by 23% from the previous quarter.
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