India-based digital lending firm enters PH

Metro Manila (CNN Philippines, August 28) — India’s financial tech company Lentra has expanded its operations to cover the Philippines, as it banks on the growing demand of small- and medium-sized enterprises (SMEs) for loans and the central bank’s push to advance financial inclusion.

In a statement on Monday, Joel Del Valle, country general manager- Philippines, said that the Philippines presents “a huge opportunity” amid its robust SME sector in need of capital, coupled with its young population now leaning towards digital transactions.

“With a rising youth population and favourable 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 said.

Lentra’s venture into the local market is part of its expansion plans in the ASEAN region.

To help finance this plan, Lentra secured $78 million in fresh funds from investors MUFG Bank, Bessemer Venture Partners and SIG Venture Capital, and Citi Ventures.

Its lending platform already serves more than 60 financial institutions, and has so far processed over $20 billion worth of loan applications.

Source : https://www.cnnphilippines.com/business/2023/8/28/lentra-ph-expansion.html