A complete end-to-end digital lending software startup, Cloudbankin, with its headquarters in Chennai, Tamil Nadu, announced today that it has successfully raised USD 400K in funding from angel investors, Upekkha, a SaaS accelerator and fund, and Kube VC, a global venture capital firm.
The company plans to use the funds to improve its AI-based low-code platform, enabling customizable workflow and pluggable connections for various financial products like personal loans, business loans, loans against property, housing loans, loans against gold, and buy now pay later (BNPL) loans.
Prominent Fintech angel investors, such as Ramanathan RV, CEO of Hyperface, Mohan Karuppiah, CEO of IppoPay, and Magendra Negi, Head of Alliances & Partnerships (Financial Services Solutions) from one of the leading Global Technology companies, extended their support and participated in the funding round.
Over 50 financial institutions from various nations make up the substantial customer base that Cloudbankin built up since its launch as a bootstrapped venture. Cloudbankin achieved an incredible 60% annual growth rate over the previous year. Notably, it has been recognized by G2 Review as the second most user-friendly platform in the loan origination category. Financial institutions using this product have made unsecured loan disbursements in under 10 minutes.
Commenting on the announcement, M Parthasarathy, CEO of Cloudbankin, expressed, “Current lending landscape for borrower onboarding is very heterogeneous and requires customization for different workflows/API integrations which forces to implement multiple product solutions for a Financial Institution causing more complexity. With this funding, we will enhance our AI-based low-code platform to enable customizable workflow and pluggable integrations for different financial products such as Business loans, Loan Against Property, Housing Loans, Gold loans, Buy Now Pay Later and Personal loans and launch it in 3 weeks.”
“At Upekkha, we’re excited to invest in Cloudbankin, a pioneering Fintech SaaS startup. It’s been impressive watching Cloudbankin revolutionize the lending space. As the India’s Fintech revolution picks up pace, Cloudbankin will help many BFSI companies go fully digital. Today’s customers are demanding, and companies which implement Cloudbankin will have a competitive advantage,” commented Prasanna, Managing partner at Upekkha.
