Some years ago, India made a mark in the tech world and has been very reputable in business outsourcing of different kinds including finance and technology (FinTech). Moreover, India has taken a very different turn in fintech outsourcing with the emergence of embedded finance technology Lentra – an Indian embedded AI-based finance startup.
India’s fintech Lentra parades itself as the future of a smart, seamless, secure digital lending company designed and developed to empower financial institutions with tomorrow’s lending ecosystem; powered by full-stack, 100% digital, new-age products and solutions. Lentra is out to disrupt the status quo offering banks a zero-risk instant lending solution that makes banks future-ready.
Lentra’s Seed Funding
The Indian-embedded AI-based finance startup has raised $60 million — a Series B that values the startup at “over $400 million,” according to D Venkatesh, the founder and CEO of the Lentra, while speaking in an interview.
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.
Lentra’s key customers include commercial banks like HDFC Bank, Federal Bank, Standard Chartered and IDFC First bank which helps to power their digital loan services. Lentra has more than 50 clients and has processed over 13 billion transactions and $21 billion worth of loans since its launch in 2019.
With the funding, D Venkatesh said 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 India and establish its business outside the country, starting with three economies in Asia: Indonesia, the Philippines and Vietnam. Post the initial expansion, the startup plans to go beyond Asia and enter the U.S.
Offices in the three new Asian countries will become operational starting as early as January, the founder said.
“We see a massive opportunity for ourselves in the retail assets and business banking areas worldwide … Tenfold revenue growth and some of the biggest retail banks as our clients now act as markers of our solution architecture and I am excited that our investors see the same opportunity and are confident of our ability to execute.” D Venkatesh Lentra CEO and Co-founder words in a report.
Mumbai is Lentra’s number one market, followed by Delhi, Chennai and Bengaluru. It has a team of over 500 people and is expected to grow up to 800 and more with the support of this fund.