Indian FinTech Lentra gets $60 million in Series B
India based lending software provider Let’s go has raised $60 million in a Series B funding round and said it will use the new capital to expand into international markets, make acquisitions and improve its products.
The firm is now valued at $400 million, according to a report from FinTech Global.
With the fundraising, the company said it is “clear to the world as the most trusted digital lending platform, empowering customers to democratize credit through fast processing and accurate decisions” in a mail on LinkedIn.
The startup will now expand to three Asian markets – Indonesia, the Philippines and Vietnam – according to an Inc42 report as Lentra shared in the post.
The firm will also build a “war chest” with which it can make acquisitions, according to the report.
“We see a huge opportunity for ourselves in the retail and commercial banking spaces worldwide… Tenfold revenue growth and some of the largest retail banks as our customers now act as markers for our solution architecture,” Lentra’s CEO and co-founder D Venkatesh said according to the report. “I am pleased that our investors see the same opportunity and are confident in our ability to execute.”
Lentra’s software-as-a-service (SaaS) platform offers lending solutions that help banks through the entire lending process. Their products help with loan origination, credit score verification, loan administration, fraud checking and documentation.
This announcement comes about two weeks after India’s Cashless payments debuted a new tool designed to help non-bank businesses meet the country’s new digital lending rules.
This disbursement and collection solution can create lender escrows, manage partnerships with lending service providers, and handle things like borrower identity and bank account verification.
India’s digital lending sector has grown rapidly alongside the country’s FinTech sector, Cashfree Payments co-founder and CEO Akash Sinha said Oct 27
“With the exponential growth, there is a strong need to enable compatible and scalable solutions for loan disbursements, loan repayments and KYC [know your customer] verification among others,” Sinha said.
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