Cloudbankin a lending SaaS startup raises $400K

By Leandra Monteiro

Cloudbankin, a complete end-to-end digital lending software company headquartered in Chennai, India, announced, it has successfully raised $400K in funding.

The funds were raised from Upekkha – a SaaS accelerator and fund, and Kube VC – a global venture capital firm. 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 Global Technology company extended their support and participated in the funding round.

The infusion of funding enables Cloudbankin to extend its product portfolio, addressing challenges faced by larger financial institutions. The company 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.

Commenting on the announcement, Mani Parthasarathy, Co-Founder and CEO of Cloudbankin, said, “Current lending landscape for borrower onboarding is very heterogeneous and requires customisation 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 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.”

“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” commented Prasanna, Managing Partner at Upekkha.