Lending SaaS Startup Cloudbankin Raises $400,000 Funding The infusion of funding enables Cloudbankin to extend its product portfolio, addressing challenges faced by larger financial institutions
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Cloudbankin, formerly known as Habile Technologies, an end-to-end digital lending software company headquartered in Chennai, has raised $400,000 in funding from Angel investors, Upekkha, SaaS accelerator and fund, and Kube VC – a global venture capital firm. The round also saw participation from fintech angel investors including Ramanathan RV (CEO at Hyperface), Mohan Karuppiah (CEO at IppoPay) and Mahendra Negi (head of Alliances & Partnerships (Financial Services Solutions)). The infusion of funding enables Cloudbankin to extend its product portfolio, addressing challenges faced by larger financial institutions.
"Current lending landscape for borrower onboarding is very heterogeneous and requires customisation for different workflows/api integrations which forces the implementation of multiple product solutions for a Financial Institution causing more complexity. With this funding, we will enhance our AI based low-code platform to enable customisable 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," said Mani Parthasarathy, co-founder and CEO, Cloudbankin.
According to the company, it aims to offer a comprehensive solution encompassing streamlined borrower onboarding with AI based low-code functionality and a unified API integration layer for all the third-party service providers/aggregators, data analytics/insights using Machine learning which can deliver on its vision to provide a swift and seamless lending infrastructure with high ROI and reduced complexity.
"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 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," said Prasanna, managing partner, Upekkha.