Chennai-headquartered Cloudbankin (formerly known as Habile Technologies) has raised USD 400,000 in funding from angel investors, Upekkha: SaaS accelerator and fund, and Kube VC, a global venture capital firm.
ADVERTISEMENT
Prominent Fintech angel investors including Ramanathan RV, CEO at Hyperface, Mohan Karuppiah, CEO at IppoPay and Mahendra Negi, Head of Alliances & Partnerships (Financial Services Solutions), from a leading global technology company extended their support and participated in the funding round. The funding will help Cloudbankin to extend its product portfolio, addressing challenges faced by larger financial institutions.
Cloudbankin provides a digital lending software solution tailored for financial institutions. Its key offerings encompass low-code digital onboarding, a loan origination and management system and a business rule engine amongst other offerings. It started as a bootstrapped venture and has now built a customer base of more than 50 financial institutions from multiple countries, with India being the primary market. The firm has achieved a 60% annual growth rate. Cloudbankin claims that financial institutions utilising its product have achieved loan disbursements in under 10 minutes for unsecured loans.
Mani Parthasarathy, co-founder and CEO of Cloudbankin, explained that the 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 increased complexity. “With this funding, we will enhance our AI-based low-code platform to enable customisable workflows and pluggable integrations for different financial products such as business loans, loans against property, housing loans, gold loans, Buy Now Pay Later and personal loans, and launch it in three weeks.” he added.
“Today’s customers are demanding, and companies which implement Cloudbankin will have a competitive advantage,” said Prasanna, managing partner at Upekkha, who is one of the investors in this round.