Lending software provider Lentra on Wednesday said that it has raised $27 million (around Rs 223 crore) as a part of its extended Series B funding round co-led by MUFG Bank and Dharana Capital.
MUFG Bank, which is the largest bank in Japan, has invested in Lentra via the Ganesha investment fund for Indian startups. This deal also marks the first joint investment by the bank and MUFG Innovation Partners Co., Ltd (MUIP), a corporate venture capital under the MUFG Group.
The infusion will help Lentra to further explore synergies within the group, including its strategic partner banks in Southeast Asia, the Pune-headquartered firm said in a statement.
“We have been scaling at a fast pace and this extended round is a strategic step towards fueling our ambition of empowering lenders globally,” said D Venkatesh, founder and chief executive officer (CEO), Lentra.
In November last year, the software as a service (SaaS) startup raised $60 million in its Series B round from its existing investors Bessemer Venture Partners (BVP) and SIG Venture Capital, with participation from Citi Ventures at a $400 million valuation. It had also raised more than $11 million from BVP, SIG and HDFC Bank in 2019.
Set up in 2019 by D Venkatesh and Ankur Handa, Lentra enables banks to adopt digital procedures via its SaaS solution. The Lentra Lending Cloud provides pre-built third-party API (application programming interface) connectors to a variety of data sources utilized by banks for underwriting purposes.
It has recently launched its loan management system called 1LMS, which enables lenders to fulfil the needs of billions of borrowers at accelerated speed and accuracy. It claims that it has processed more than $27 billion worth of loan applications on its platform.
