Citi Ventures Completes Its First Fintech Investment in India

Citi Ventures has made its first fintech investment in India, joining a $60 million raise in bank lending software house Lentra.

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Citi ventures joined existing investors Bessemer Venture Partners and SIG Venture Capital in the capital raise.

The four-year-old technology startup is one of the fastest growing enterprise SaaS companies in India, offering banks out-of-the-box modules for different parts of the lending lifecycle.

Lentra's lending cloud services more than 40 banks and processes over 3 million applications monthly. It has processed over 13 billion transactions and $21Bn worth of loans on its platform so far.

The company intends to use the capital injection to expand overseas in Asia and the US.

Everett Leonidas, director & Apac lead ibvestor for Citi Ventures, says: "Lentra is our first fintech investment in India, and we are very excited about the team's ability to develop and scale low-friction software solutions for lenders. As a global bank, we look forward to Lentra scaling their products and platform internationally."

Source: Finextra