Cloud-lending firm Lentra raises $27 million in extended series B round

Cloud-lending firm Lentra announced on Wednesday that it raised $27 million as part of its extended series B funding round. Investors MUFG Bank and Dharana Capital led the round.

In November last year, the firm raised $60 million in a series B round. Existing investors Bessemer Venture Partners, SIG Venture Capita and Citi Ventures participated in the round.

MUFG Bank invested in the extended series B round via its Ganesha investment fund intended for startups. The investment marked the first collaboration between Lentra and MUFG Innovation Partners Co., Ltd (MUIP), a corporate venture capital under the MUFG Group. With the collaboration, Lentra looks to tread further with its expansion in South-East Asia, the company said in a release.

“This is a testimony to Lentra’s status as the leading Enterprise SaaS (Software as a Service) Platform and the transformational role it stands to play in the evolving digital lending landscape. This partnership affirms our commitment to be at the forefront of supporting digital innovation in India and its expansion to other geographies,” Shashank Joshi, Deputy CEO of MUFG India, said.

“We are proud to back Lentra in its mission to become the one-stop ecosystem across the entire lending lifecycle of leading global financial institutions. The Lentra team has scaled the business in a highly capital efficient manner and is well positioned to benefit from the tailwinds of digitization across markets” Vamsi Duvvuri, Founder and Managing Partner of Dharana Capital, said.

Lentra has experienced significant growth as a Software as a Service (SaaS) lending cloud provider in India. The company has subsidiaries in Vietnam, the Philippines, Indonesia, and the United States. Furthermore, Lentra recently launched its Loan Management System called 1LMS, designed to enable lenders to serve billions of borrowers with accelerated speed and accuracy.

D Venkatesh, Founder & CEO of Lentra, stated that the extended round was a strategic step for the brand’s global expansion. He also expressed excitement at the collaboration with the new investors.

“We have been scaling at a fast pace and this extended round is a strategic step towards fueling our ambition of empowering lenders globally. We are very excited that MUFG Bank and Dharana Capital are getting added to our cap table alongside our existing marquee investors like BVP, Citi, HDFC and SIG,” Venkatesh said.