Cloudbankin, a Chennai-based digital lending software company, has recently secured funding of USD 400K. They received this funding from Angel investors, Kube VC (a global venture capital firm), and Upekkha (a SaaS accelerator and fund). This investment marks an important milestone for Cloudbankin as it continues to grow and expand its operations.
Several prominent angel investors from the fintech industry, including Hyperface’s CEO, Ramanathan RV, Mohan Karuppiah, IppoPay’s CEO, showcased their support and actively participated in the funding round.
Cloudbankin began as a self-funded project and has successfully established a strong clientele comprising over 50 financial institutions across different countries. In the last year, Cloudbankin has experienced remarkable growth with an impressive annual rate of 60 percent. It’s worth mentioning that financial institutions using Cloudbankin have been able to disburse unsecured loans in less than 10 minutes, showcasing the efficiency of the product.
M Parthasarathy, CEO of Cloudbankin, shared his thoughts on the announcement. He stated that the current process of onboarding borrowers in the lending industry is highly diverse and necessitates tailoring to various workflows and API integrations.
With the newly acquired funding, Cloudbankin aims to enhance its AI-based low-code platform, enabling customizable workflows and seamless integrations for business loans, loan against property, housing loans, gold loans, buy now pay later, etc. The company plans to launch this upgraded platform within a span of three weeks.
According to Prasanna, Manager at Upekkha, their company is enthusiastic about investing in Cloudbankin. He has been impressed by the transformative impact Cloudbankin has had on the lending industry.
As India’s Fintech revolution gains momentum, Cloudbankin is poised to assist numerous BFSI companies in transitioning to a fully digital framework. He believes that businesses implementing Cloudbankin will gain a competitive edge in today’s demanding customer landscape.
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