Lentra, a digital lending cloud platform, has announced its entry into the Southeast Asian economies of Indonesia, the Philippines, and Vietnam to cater to their digital lending needs.
With this expansion, Lentra aims to reach $100 million in annual recurring revenue (ARR) by March 2024. The move follows the company’s latest fundraising of $60 million in a Series B round led by Bessemer Venture Partners, Susquehanna International Group (SIG), and Citi Ventures.
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Lentra aims to build a stronger market presence and increase credit disbursal by replicating its India growth in the three South East Asian countries.
D Venkatesh, Founder of Lentra, said, “We are at a major inflection point in Lentra’s growth journey. The financial landscape has never been more dynamic. Our learnings over the past few years and beyond will prove critical in delivering future performance and innovation at the levels we demand of ourselves in pursuit of our mission.”
Founded in 2019 by Venkatesh, Lentra provides an application programming interface (API)-driven modular architecture to create tailored retail and business loan products for banks and other regulated lending institutions. In addition, its purpose-built AI/ML platform for a unified 360-degree customer view creates impactful marketing and credit opportunities.
Lentra said it has a couple of clients in the Philippines. It has a robust presence across India, with 60 partner banks and NBFCs and over 50 million loans processed through its platform. By 2027, the company aims to onboard 250 banking partners, expand its footprint into five other countries, and reach $250 million in annual recurring revenue (ARR).
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Some of Lentra’s key banking partners include HDFC Bank, Federal Bank, Standard Chartered, IDFC, Aditya Birla Finance, Tata Capital, Tata Motor Finance, and TVS Credit, among others.