India-based digital lender Lentra forays into PH market

India-based digital lending startup Lentra is setting up operations in the Philippines as part of its expansion to the Association of Southeast Asian Nations (ASEAN) region.

“Demand for retail and SME loans presents a huge opportunity for most banks in the Philippines. With a rising youth population and favourable policies to encourage financial inclusion, Lentra’s entry into the Philippines is timely. We will enable our banking ecosystem to keep pace with digitization and to accelerate financial inclusion,” Joel del Valle, Lentra country general manager for the Philippines, said in a statement Tuesday.

Lentra recently received its Series B Funding of $78 million led by investors like MUFG Bank, Bessemer Venture Partners and SIG Venture Capital, and Citi Ventures.

Founded in 2019, fintech startup Lentra offers digital loan services for commercial banks through its software-as-a-service platform.

“Lentra has partnered with over 60 financial institutions to touch a significant slice of the underbanked population. The growth in the ASEAN market is also an opportunity for the region to broaden its horizon and welcome cross-country solution providers like us,” said Lentra CEO and founder D Venkatesh.

“We are excited about the growth prospects of the Philippines. Our platform-agnostic products stand at the forefront of technology and have the potential to bring transformative changes to the digital lending landscape, positively impacting both underserved communities and financial institutions,” said Venkatesh.

Currently, Lentra's lending platform serves over 60 financial institutions, has processed over $20 billion worth of loan applications, with two million loans being processed every month.

Lentra supports its customers in expanding their reach, mitigating non-performing assets, optimizing operational efficiencies, and using pay-as-you-go pricing for their growth. — Ted Cordero/RSJ, GMA Integrated News