Lentra, a cloud-based lending software provider, raised $ 60 million in fresh funding led by existing investors Bessemer Venture Partners and the Susquehanna International Group (SIG) Venture Capital. Citi Ventures also participated in the round.

Founded in 2018, Lentra is a Software-as-a-Service (SaaS) provider that helps banks and credit financial institutions to further digitise credit disbursals and help them in various aspects of loan servicing, including know-your-customer (KYC) compliance, servicing and collections.

Nearly three-fourths of Lentra’s revenue come from loan originations.

It also provides banks and financial institutions with early signalling on defaults and bad debt and undertakes portfolio scrubs to determine the health of their loan portfolio.

The company is said to use the capital to expand into international markets, for acquisitions and for product enhancement.

By the end of 2023, the Pune-based company is expected to enter Indonesia, Vietnam and the Philippines by March next year and have an international presence across five geographies outside India.

Additionally, it is said to focus on acquisitions to improve its data and statistical engines, as well as add payment processing capabilities to improve collections on its stack.

The company is expected to scout for acquisitions in the robotic process automation sector to further automate processes including documentation for loan applications.

The company clocked revenues of Rs 80 crore (or roughly $10 million) for FY22, Venkatesh said. It looks to end the ongoing fiscal year with revenue of Rs 180 crore (about $22 million).

With the geographical expansion, the company expects almost half of its overall revenue to come from non-Indian markets by the end of 2024.

Starting next year, Lentra is also expected to enter the performance analytics space to help banking partners understand conversions of their various loan products.

Lentra works with over 50 banking partners and financial institutions in India, and its platform processes more than three million loan applications every month.

Since inception, Lentra has processed more than 13 billion transactions and $21 billion worth of loans through its platform.