SUMMARY
With this acquisition, Lentra will deploy TDT’s customer intelligence platform Cadenz to facilitate banks and financial institutions in making data-driven decisions
As part of the acquisition deal, TDT’s founder Rangarajan Vasudevan has joined Lentra as the cofounder and chief data officer
Lentra counts HDFC Bank, Bessemer Venture Partners and SIG as its investors
Fintech SaaS startup, Lentra has acquired Chennai-based AI startup TheDataTeam (TDT) for an undisclosed amount.
Following this acquisition, Lentra will deploy TDT’s customer intelligence platform Cadenz to facilitate banks and financial institutions in making data-driven decisions relating to customers’ credit worthiness. Besides, the acquisition will also help Lentra to launch products as a part of its go-to-market strategy.
As part of the deal, TDT’s founder Rangarajan Vasudevan will join Lentra as the cofounder and chief data officer.
Rangarajan Vasudevan, founder and CEO of TDT, said, “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.”
Founded in 2014 by Vasudevan, TDT offers enterprise-level AI solutions to several companies including Microsoft, Google, Cloudera, AWS, Hortonworks, and MapR, among others. Its customer intelligence platform Cadenz transforms raw customer data into insightful data for organisations.
Sandeep Mathur, chief revenue officer at Lentra said, “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 life cycle. By acquiring Cadenz, Lentra is now on track to become the leading platform of choice for financial institutions globally.”
Founded in 2019 by D Venkatesh and Ankur Handa, Lentra is a SaaS platform that offers a slew of lending solutions to financial institutions. It claims to be serving over 50 financial institutions and has processed over 13 Bn transactions on its platform.
Following the recent acquisition, Lentra will integrate its SaaS and API solutions with Cadenz’s stack. This will help Lentra’s customers to have access to a new customer base, reduce non-performing assets, and improve operational efficiencies.
According to the startup, Lentra counts HDFC Bank, Bessemer Venture Partners and SIG as its investors.
In the SaaS ecosystem, Lentra faces competition from startups such as Toplyne, SaaS Labs, Zluri, and Draup.
Recently, Bengaluru-based SaaS startup LeadSquared has become India’s 103rd unicorn after bagging $153 Mn Series C funding. At present, India’s SaaS market is poised to become $30 Bn by 2025.
Some of the emerging homegrown startups that are working in the SaaS industry are BarRaiser who secured $4.2 Bn, Toplyne raised $15 Mn, and OSlash received $5 Mn funding.
