India: Cloud Lending Solutions raises $8m in Series A funding

Visual from Cloud Lending Solutions website

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.

Also Read: 8K Miles Software Services buys US-based NexAge Tech for $3m

This article was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.