Cloud-based lending software provider Lentra raised $60 million in fresh funds led by existing investors Bessemer Venture Partners and the Susquehanna International Group (SIG) Venture Capital where Citi Ventures also participated.
Lentra is a Software-as-a-Service (SaaS) provider that aids banks and credit financial institutions in various aspects of loan servicing, such as know-your-customer (KYC) compliance, servicing, and collections, as well as in further digitising credit disbursals. By March of next year, the company is anticipated to expand into Vietnam, Indonesia, and the Philippines. By the end of 2023, it is anticipated to have a global presence in five non-Indian geographies. Additionally, it will concentrate on making acquisitions to strengthen its data and statistical engines and to add payment processing capabilities to strengthen its stack’s collection capabilities.