Lending SaaS startup Cloudbankin raises $400K

Digital lending software firm Cloudbankin (formerly known as Habile Technologies) has raised $400K in funding from angel investorsUpekkha, SaaS accelerator and fund, and Kube VC.

Fintech angel investors including Ramanathan RV, CEO at Hyperface, Mohan Karuppiah, CEO at IppoPay and Mahendra Negi, Head of Alliances & Partnerships (Financial Services Solutions) have also joined the round. 

According to Cloudbankin, the funds will be used to extend its product portfolio, addressing challenges faced by larger financial institutions. 

Cloudbankin 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. 

Based in Chennai, Cloudbankin started as a bootstrapped venture and claims to have built a customer base of more than 50 financial institutions from multiple countries, with India being the primary market. Over the past year, the firm has achieved a 60% annual growth rate. 

The company directly competes with the likes of Lentra and Nucleus in the cloud lending space. Last week, Lentra raised $27 million as part of its extended Series B round led by MUFG Bank and Dharana Capital.