Lending SaaS startup Cloudbankin secured $400K from angel investors, others
Cloudbankin (previously known as Habile Technologies), a provider of digital lending software, has raised $400K from angel investors Upekkha, SaaS accelerator and fund, and Kube VC.
A number of other fintech angel investors have also invested in the round, including Ramanathan RV, CEO of Hyperface, Mohan Karuppiah, CEO of IppoPay, and Mahendra Negi, Head of Alliances & Partnerships (Financial Services Solutions).
The money will be used, claims Cloudbankin, to broaden its product offering and address issues faced by larger financial institutions.
With AI-based low-code functionality and a unified API integration layer for all third-party service providers/aggregators, Cloudbankin aims to provide a comprehensive solution that streamlines borrower onboarding.
Cloudbankin, a Chennai-based company that was initially bootstrapped, claims to have amassed a clientele of more than 50 financial institutions from different nations, with India serving as its main market. The company has experienced 60% annual growth over the past year.
The business is in direct competition with Lentra and Nucleus in the cloud lending market. Lentra recently completed a $27 million extension of its Series B round, which was sponsored by MUFG Bank and Dharana Capital.
