Lentra, a fintech SaaS business, has acquired TheDataTeam (TDT), an AI startup based in Chennai, for an undisclosed sum.
Following this acquisition, Lentra will use TDT’s Cadenz customer intelligence platform to help banks and other financial institutions make data-driven judgments on the creditworthiness of their customers. Additionally, as part of its go-to-market plan, Lentra will be able to introduce goods thanks to the acquisition.
Rangarajan Vasudevan, the founder of TDT, will join Lentra as a co-founder and chief data officer as part of the agreement.
The founder and CEO of TDT, Rangarajan Vasudevan, stated that Lentra was already the lending cloud with the quickest rate of growth. It made complete sense to combine our strengths in product and business-building were given that both companies had ambitions to develop quickly in similar industries and regions.
Vasudevan founded TDT in 2014, and since then, a number of businesses, including Microsoft, Google, Cloudera, AWS, Hortonworks, and MapR, have benefited from its enterprise-level AI solutions. Through the transformation of raw client data, our customer intelligence platform, Cadenz, provides organizations with meaningful data.
Lentra’s chief revenue officer, Sandeep Mathur, stated that by integrating the Cadenz platform into the Lentra lending cloud, the company will be able to give its clients a competitive advantage throughout the whole credit life cycle. Lentra has taken the necessary steps to position itself as the preferred platform for financial institutions all around the world by purchasing Cadenz.
Lentra is a SaaS platform that offers a variety of lending options to financial institutions. It was founded in 2019 by D Venkatesh and Ankur Handa. It states that it serves more than 50 financial institutions and that the technology it uses has handled more than 13 billion transactions.
Lentra will combine its SaaS and API solutions with Cadenz’s stack in the wake of the recent acquisition. This will increase operating efficiencies, decrease non-performing assets, and give clients of Lentra access to a new consumer base.
Lentra claims to have HDFC Bank, Bessemer Venture Partners, and SIG among its investors.
Lentra is fighting against startups like Toplyne, SaaS Labs, Zluri, and Draup in the SaaS ecosystem.
After receiving $153 million in Series C funding, Bengaluru-based SaaS business LeadSquared recently became India’s 103rd unicorn. The SaaS industry in India is currently expected to reach $30 billion by 2025.
