Digital lending firm Lentra enters Indonesia, Philippines, Vietnam

Company aims to reach $100 mn in annual recurring revenue by March 2024 in South East Asia nations

Lentra, a digital lending platform, has announced its entry in Indonesia, the Philippines and Vietnam. The company aims to reach $100 million in annual recurring revenue (ARR) by March 2024 with business in South East Asia.

Lentra said it will build a stronger market presence and increase credit disbursal in the three South East Asian countries, replicating its growth in India. It already has clients in the Philippines.

The move comes after the company’s latest fundraise of $60 million in a Series B round led by Bessemer Venture Partners, Susquehanna International Group (SIG), and Citi Ventures.

“We are at a major inflection point in Lentra’s growth journey. The financial landscape has never been more dynamic. Our learnings over the past few years and beyond will prove critical in delivering future performance and innovation at the levels we demand of ourselves in pursuit of our mission,” said D Venkatesh, Lentra’s founder.

Founded in 2019, Lentra provides an application programming interface (API)-driven modular architecture to create retail and business loan products for banks and other regulated lending institutions.

In India, the firm has partnerships with 60 banks and non-banking financial companies (NBFC) and it has processed more than 50 million loans on its platform. By 2027, the company aims to onboard 250 banking partners, expand its footprint into five other countries, and reach $250 million in ARR.