Digital lending startup Cloudbankin secures $400K funding

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Digital lending startup Cloudbankin secures $400K funding
Digital lending startup Cloudbankin secures $400K funding

Cloudbankin provides digital lending software solutions to financial institutions

Digital lending SaaS startup Cloudbankin has raised $400,000 in funding from Upekkha, a SaaS accelerator and fund, Kube VC, a global venture capital firm, and a clutch of angel investors, including Ramanathan RV (CEO, Hyperface), Mohan Karuppiah (CEO, IppoPay), and Mahendra Negi (Founder, Director, Advisor, Negi Solutions).

The digital lending firm said that some leading global technology companies also contributed to the funding.

Formerly known as Habile, Chennai-based Cloudbankin provides digital lending software solutions to financial institutions. The solutions include low-code digital onboarding, a loan origination and management system, a business rule engine, and other API offerings. Players such as Lentra and Nucleus are the startup’s competitors.

To enable customizable workflows and pluggable integrations for different financial products such as business loans, loans against property, housing loans, gold loans, buy now, pay later (BNPL), and personal loans, the firm will have to enhance its AI-based low-code platform, for which the funds will be used.

In different countries, the digital lending company has over 50 financial institutions as clients. It claims that financial institutions using its product have achieved loan disbursements in under 10 minutes for unsecured loans, said Mani Parthasarathy, co-founder and CEO of Cloudbankin.

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