Cloud Lending Solutions, a technology provider to marketplace lenders and other finance companies, has raised $8 Mn in Series A venture funding led by SF Capital Group.
Besides, Cota Capital and Long Light Capital also participated in this round along with current seed investors Green Visor and Epic Ventures.
With this investment, Neil Wolfson – president at SF Capital Group, will join Cloud Lending Solutions’ board of directors.
The raised funding will be used for market expansion and further development of the company’s engineering and innovation capabilities. “Over the past three years, we have continued to develop our solutions to meet our customers’ unique needs, acting with the same agility and speed as our technology affords their businesses,” said Snehal Fulzele, founder & CEO at Cloud Lending Solutions.
Related Article: Funding Galore: Startup Fundings Of The Week [5 October-10 October]
Few of Cloud Lending Solutions’ portfolio companies include Harmoney.com, Propel Financial Services and Encore Capital Group, who use Cloud Lending to drive down expenses and grow revenue through greater volume and new products.
Snehal added that the additional funding will help the company drive the growth and help them expand technology offering in current and new market segments like commercial real estate and SMB lending, which are trillion dollar industries ripe for disruption.
Neil Wolfson, president, SF Capital Group said, “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. As Cloud Lending continues to expand and bring unique solutions to market, more and more organizations will opt for next-generation technology, leave legacy systems behind and step into the future of finance.”
Founded in 2012 by Snehal Fulzele and Darpan Saini, Cloud Lending Solutions, is a global cloud infrastructure company that offers a suite of SaaS applications to efficiently manage loan portfolios, increase transaction volume and bring new products to the market for financial institutions.
The company has offered cloud-based solutions that has developed end-to-end loan management solution from origination and funding to servicing and collections in as little as 90 days. Since inception, the company has gained over 75 customers in more than 18+ countries.
The new funding is in addition to the $2 Mn raised by Cloud Lending Solutions during their pre-series A round in 2014, bringing the total capital raised to $10 Mn.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.