HDFC bank backed Lentra acquires AI startup TheDataTeam to accelerate digital lending platform business for Banks & NBFCs
Lentra AI Private Limited, one of the fastest growing digital lending
cloud platforms, has acquired Chennai and Singapore-based AI company
TheDataTeam (TDT). Through this deal, Lentra aims to integrate TDT’s flagship
behaviour intelligence platform Cadenz. The platform will help banks and NBFCs
make data-driven decisions on customer
creditworthiness based on their unique financial
journey and launch new innovative products for a faster go-to
market.
Launched in 2019, Cadenz has engineered the industry’s first award
winning Customer Intelligence Platform, which simplifies the journey from raw
customer data to live intelligence and helps businesses eliminate friction and
drive new initiatives in record-quick time.
Following the acquisition, Rangarajan
Vasudevan, Founder & CEO, TDT has joined Lentra as Co-Founder &
Chief Data Officer.
The cloud-native platform, Lentra works with more
than 50 banks and financial institutions and has processed more than 13 billion
transactions. The fintech is backed by HDFC Bank,
Bessemer Venture Partners, and SIG.
Talking about the acquisition, Rangarajan
Vasudevan, Founder & CEO, TDT said, "Software is eating the world, and
data is eating software. While the uses of AI are many, the ability to have a
lasting impact is immense in the financial sector due to the vast untapped
potential for credit. Lentra has already established itself as the fastest
growing lending cloud. Given both companies had ambitions to scale fast in
adjacent spaces and in the same geographies, it made perfect sense to merge our
strengths in product and business-building."
Lentra will integrate its SaaS and API-driven
modular architecture with Cadenz’s stack. Lentra’s
Open API-driven modular architecture helps banks create tailored lending
journeys and customer experiences with 95% Straight Through Processing (STP)
rate. This gives banks and financial institutions access to a new
customer base, reduces Non-Performing Assets (NPAs), and improves operational
efficiencies.
Sandeep Mathur, Chief Revenue Officer, Lentra said,
“We are seeing an explosive growth in the credit market. Some of our clients
have grown their Loan book by 10X after coming onboard the Lentra lending
cloud. By integrating Cadenz platform into the Lentra lending cloud we will be
able to provide an even bigger competitive edge to our clients in the entire
credit lifecycle, from lead generation through origination to and the
post-disbursal activities of loan management system, monitoring, collections
and risk management. With this acquisition of Cadenz, Lentra is now on track to
become the leading platform of choice for financial institutions globally.”
With a volume of more than 50 Mn applications,
Lentra has a proven peak, handling more than 60,000 concurrent users. The cloud
platform is highly scalable with a capability to handle more than 1100 API
calls/second, making it one of the most preferred digital lending solutions for
financial institutions.
About Lentra
Founded in 2019, by D Venkatesh and Ankur Handa,
Lentra is a Cloud-native platform designed and developed to empower financial
institutions with tomorrow’s lending ecosystem, today. With its full-stack,
fully digital, secured products and solutions, Lentra is the future of smart,
seamless, secure digital lending. The lending cloud platform services more than
50 financial institutions and has processed more than 13 billion transactions
on its platform.