Lentra, a cloud-lending firm, has raised $27 million as a part of their extended series B round led by MUFG Bank and Dharana Capital. 

The software-as-a-service start-up, previously raised $60 million in the series-B round on November 22 from its existing investors — Bessemer Venture Partners and SIG Venture Capital with participation from Citi Ventures.

MUFG Bank, through its Ganesha investment, fund for Indian start-ups. This deal marks the first joint investment by the bank and MUFG Innovation Partners Co, Ltd (MUIP), a corporate venture capital under the MUFG Group. With this collaboration, both entities are poised to support Lentra in further exploring synergies within the Group, including its strategic partner banks in Southeast Asia.

‘Strategic step’

D Venkatesh, Founder & CEO, Lentra, “We have been scaling at a fast pace and this extended round is a strategic step towards fuelling 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.”

Lentra extended its presence to Vietnam, the Philippines Indonesia, and the US by setting up subsidiaries and accelerating GTM (go to market). Lentra has also completed the launch of its loan management system called 1LMS which enables lenders to fulfil the needs of borrowers at accelerated speed and accuracy. In a strategic partnership with Google Cloud, 1LMS was previewed in the Indian markets in an event curated for the leading banks and NBFCs earlier in May, said the company. 

Expansion, innovation

Shashank Joshi, Deputy CEO of MUFG India, said “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 being at the forefront of supporting digital innovation in India and its expansion to other geographies.”

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