Lentra, an India-based digital lending cloud platform, has marked its foray into the ASEAN Region by setting up operations in the Philippines.
Its extensive banking ecosystem of more than 150 banks focuses on commercial banking and specializes in retail and SME lending, helping boost financial inclusion of a growing, digitally savvy population in the country.
Joel Del Valle, Lentra country general manager for the Philippines, said demand for retail and SME loans presents a huge opportunity for banks in the Philippines.
“With a rising youth population and faourable 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,” he added.
D Venkatesh, Lentra chief executive and founder, said the company 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,” Venkatesh said.
“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,” he said.
Ben Baltazar, president and chief executive at Credit Information Corporation (CIC), said financial institutions aim to curt the “time to decision” for small businesses and consumer lending that sometimes can take three to five weeks.
“The drive to modernize lending systems is imperative in order to boost efficiency and agility in alignment with the country’s economic growth aspirations,” he addded.
Lentra recently received its Series B Funding of $78 million by investors like MUFG Bank, Bessemer Venture Partners and SIG Venture Capital, and Citi Ventures.
