Cloudbankin (formerly called Habile Technologies) has successfully raised $4,00,000 (around Rs 3.28 crore) in funding from SaaS accelerator fund Upekkha and global venture capital firm Kube VC. Other fintech angel investors, including Ramanathan RV, CEO at Hyperface, Mohan Karuppiah, CEO at IppoPay and Mahendra Negi, head of alliances and partnerships at Financial Services Solutions, also participated in the funding round.
The Chennai-based digital lending software company started as a bootstrapped venture and has built a customer base of over 50 financial institutions from multiple countries. Over the past year, Cloudbankin claims to have achieved a 60 per cent annual growth rate.
It was recognised as the second most user-friendly platform in the loan origination category according to B2B software review platform, G2. It added that financial institutions utilizing this product have achieved loan disbursements in under 10 minutes for unsecured loans.
Mani Parthasarathy, CEO of Cloudbankin, said that the current lending landscape for borrower onboarding is very heterogeneous and requires customisation for different workflows and API integrations, which forces them 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 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 three weeks,” he said.
“It's been impressive watching Cloudbankin revolutionize the lending space. As the Fintech revolution picks up pace, Cloudbankin will help many BFSI companies go fully digital. Today's customers are demanding, and companies that implement Cloudbankin will have a competitive advantage," commented Prasanna, managing partner at Upekkha.
Cloudbankin digital lending software solutions for financial institutions encompass low-code digital onboarding, loan origination system and loan management system and business rule engine. Its founding members include Parthasarathy as CEO, Maieenah Rajah as CRO, Alex Anto Navis as CTO, Hariharan in charge of product, and Palanisami as the Techno-functional consultant.