New Delhi, Feb 14 (IANS) Digital lending Cloud platform Lentra on Tuesday announced its entry into the South East Asian markets of Indonesia, the Philippines and Vietnam to cater to their growing 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 fundraise of $60 million in a Series B round led by Bessemer Venture Partners, Susquehanna International Group (SIG), and Citi Ventures.
Lentra said it will build a stronger market presence and increase credit disbursal by replicating its India growth in the three South East Asian countries.
“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,” said D Venkatesh, Founder, Lentra.
Founded in 2019, 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.
Lentra already has some 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 ARR.
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.