Lentra AI, a cloud-based loan software startup, has received $60 million in funding overall from a number of investors.
Included in this is Citi Ventures, a unit of the New York-based investment banking firm Citigroup, who will be making their initial investment in an Indian fintech.
Investment by Citi Ventures
Lentra AI, a startup firm located in India, is being funded by a number of investors as part of their international service expansion, including acquisitions and product improvements.
Citigroup affiliate Citi Ventures is one of the investors. The company raised $60 million in total, with Citi Ventures, Bessemer Venture Partners, and Susquehanna International Group Venture Capital serving as the company’s primary funders.
Director and Lead Investor for Citi Ventures in Asia-Pacific said that “We are very enthusiastic about the team’s capacity to create and expand low-friction software solutions for lenders, and Lentra is our first fintech investment in India.
By March 2023, Lentra will be available in various South East Asian nations, including Indonesia, Vietnam, and the Philippines.
By the end of next year, the company hopes to have a worldwide presence in five other geographies in India in addition to these other nations, according to the reports.
The business plans to automate loan application processes and is also thinking about making further acquisitions. The business will therefore need to make purchases from the robotic process automation industries.