Digital lending market in India anticipated to develop from $270 billion to $1.3 trillion by 2022 By 2030, fintech SaaS startup Lentra is main the change by empowering prospects to make clever choices and democratizing credit score by on the spot processing. Lentra’s cloud-based digital lending platform allows banks to optimize present lending processes by offering most effectivity, higher choices and higher buyer expertise.
#1 Cloud Lending Platform
Lentra, the #1 cloud lending platform, serves over 50 banks throughout 96% pin codes in India and has dealt with over 13 billion transactions on its platform. Most banks and NBFCs in India, together with high lenders like HDB Monetary Providers Restricted, HDFC Financial institution, Aditya Birla Capital, Tata Motors Finance, use Lentra Lending Cloud. This Diwali vacation was additional particular from the financial institution’s shopper credit score perspective, as shopper, two-wheeler and different loans registered a surge in demand in the course of the Diwali vacation season. On Dhanteras alone, mortgage functions on Lentra’s cloud platform exceeded 5 lakh – 3 occasions greater than Dhanteras in 2021, at a peak of 8 functions per second. The platform additionally scaled up on demand to deal with over 306 million API transactions throughout peak visitors hours this festive season. All shopper companies together with shopper sturdy loans, two-wheeler and auto loans in addition to shopper loans exceeded 2019 vacation season volumes because the festive season kicked off round Dussehra and picked up effectively round Dhanteras and Diwali.
Lentra’s success is not simply tied to those holidays. The enterprise registered a record-breaking 84 per cent progress in retail loans from in-store purchases on August 15 this yr. The functions processed on this sooner or later elevated by ~85%, from 65,000 on the identical day to over 1.2 lakh in 2021. A lot of the demand got here from markets for electronics and white items corresponding to cellphones, fridges and washing machines. One other fascinating reality was that the common shopper mortgage ticket dimension elevated from Rs 13,500 in 2021 to Rs 15,500 in 2022, indicating greater propensity to purchase and bettering shopper sentiment.
Peeking Underneath the Hood of the #1 Cloud Lending Platform
The lending platform has all of the options, instruments and integrations wanted to finish any lending journey. Onboarding, Verification, Validation, KYC & Compliance, Credit score Choice, Servicing, Assortment and different capabilities. The platform is uniquely able to managing, taking choices and dealing with credit score threat digitally and thru a single window. End result: Banks adore it! The factors given under summarize the benefits for the banks:
Cell-first technique and single window to attach all ecosystem companions
On the spot credit score choices made inside 10 seconds
Quick, data-driven credit score choices and on the spot gratification on the level of sale
Extremely customizable workflow creation to satisfy enterprise wants and versatile buyer journeys
Shorter time-to-market and decrease acquisition and onboarding prices because of configurable buyer journey
Greatest at school industry-standard knowledge safety infrastructure with built-in regulatory and authorized compliance.
Full compliance with RBI tips and orders, and minimizing credit score fraud threat from the lending cycle
Efficient choice evaluation and use of AI-ML applied sciences for fraud detection leading to discount in NPAs
Over 250 pre-integrated APIs for fintech for banks to help each present and new prospects
Alternative to increase and faucet into new buyer bases
Lentra is the way forward for digital lending
In November 2022, Lentra closed its Sequence B funding spherical with a transaction worth of $60 million and set its sights on worldwide markets, particularly Southeast Asia and the USA. The platform is cloud-native and API-first, constructed to rework how banks can higher monetize their retail and enterprise asset portfolios. It stands to immensely profit the top prospects by empowering its lenders to supply them exactly the merchandise that may assist them fulfill their goals and ambitions. There’s sufficient demand to scale up shortly, despite the fact that maximizing the potential of digital lending would require navigating an ever-changing regulatory panorama.
By 2030, digital lending is anticipated to account for 60% of the full Indian fintech market. As Lentra expands its operations and has higher entry to a greater diversity of consumers by way of funding and product choices, digital lending in India will proceed to realize momentum. Lentra is already dedicated to creating progressive options to assist billions of individuals obtain their targets because the fintech sector drives the growth of on-line lending.
Dr. Jasmeet Chhabra, SVP and Head of Advertising and marketing, Lentra.