SaaS Startup Lentra Raises $27mn In Extended Series B Round

The SaaS company raised a total of USD 60 million in its Series B round last November at a valuation of USD 400 million

Lending software provider Lentra on Wednesday said that it has secured USD 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, a corporate venture capital under the MUFG Group. 

The investment would enable Lentra to further explore synergies within the group, notably with its strategic partner banks in Southeast Asia, according to a statement issued by the Pune-based company. 

The software as a service (SaaS) company raised USD a total of USD 60 million in its Series B round last November from existing investors Bessemer Venture Partners (BVP) and SIG Venture Capital, with participation from Citi Ventures, at a USD 400 million valuation. In 2019, it also received around USD 11 million from BVP, SIG, and HDFC Bank. 

Lentra, founded in 2019 by D Venkatesh and Ankur Handa, enables banks to embrace digital procedures through its SaaS solution. The Lentra Lending Cloud offers pre-built third-party API (application programming interface) connectors to a wide range of data sources used by banks for underwriting. 

It just released 1LMS, a loan management system that enables lenders to meet the needs of billions of borrowers with more speed and accuracy. It claims to have processed more than USD 27 billion in loan applications using its platform.

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