The Indian fintech start-up Lentra has raised $60 million as a part of its expansion of its LaaS (Loans-As-A-Service). The company works with commercial banks to empower its digital loan services and has been profitable right from its initial year.
Lentra, since its inception in 2019, posted $1 million from its “annual consumption rate” —the amount of revenue made based on usage of its APIs. The figure has grown up to $10 million for the current year, and it is estimated to touch $100 million by 2024.
The diverse customer base of more than 50 clients includes HDFC Bank, Federal Bank, Standard Chartered, and IDFC First Bank as prominent customers. Lentra has processed loans worth $21 billion and more than 13 billion transactions since its inception.
D Venkatesh, founder and CEO said, “We want to help and empower the banks, who are our clients, to lend better, lend completely on a digital platform, and improve on all parameters.”
