Cloud Lending Solutions raises $8 million in Series A funding1 min read . Updated: 08 Oct 2015, 11:27 PM IST
The funding will be used for market expansion and to develop engineering and innovation capabilities
Bengaluru: Cloud Lending Solutions, a cloud infrastructure company that provides technology to marketplace lenders and other financial technology companies, has raised $8 million in Series A funding led by SF Capital Group. Cota Capital, Long Light Capital participated in the fundraising along with current seed investors Green Visor and Epic Ventures, the company said in a statement.
The company had raised a pre-series of $2 million last year, taking the total capital raised so far to $10 million. The funding will see Neil Wolfson, president at SF Capital Group joining Cloud Lending Solutions’ board of directors. The funding will be used for market expansion and to develop engineering and innovation capabilities, the company said.
“This additional funding is a further validation of our mission and we are excited to continue driving this growth as well as expand our technology offering in current and new market segments such as commercial real estate and SMB (small business) lending, which are trillion dollar industries ripe for disruption," Snehal Fulzele, CEO, Cloud Lending Solutions said in a statement.
Cloud Lending Solutions, founded in 2012, has over 75 customers in over 20 countries. Cloudlendinginc.com that has offices in San Mateo (California) and Bengaluru counts US-based Dealstruck, Capital Good Fund, New Zealand- based Harmoney and others companies like Juhudi Kilimo as its customers. The cloud infrastructure service provider uses Software as a Service applications to manage loan portfolios, increase transaction volumes and help bring new products to the market.
“The scale and scope of the alternative lending market’s growth wouldn’t be possible without forward thinking solutions that are fundamentally changing lending institutions of all sizes," said Neil Wolfson, president, SF Capital Group said in a statement.
The scope of cashless and digital mechanisms, emergence of Immediate Payment Services, direct cash transfers, payments banks and mobile wallets prompted IT major Infosys Technologies co-founder Nandan Nilekani to say that the Indian financial service sector is going through a ‘WhatsApp’ moment.