Cloud Lending Solutions, the industry’s only end-to-end lending solution built natively on Salesforce.com, today announced its new customer LendingPoint, a non-bank direct lender that aims to meet consumer demands for online borrowing options. LendingPoint has successfully used Cloud Lending as a foundation to go from concept to market in less than ninety days. Helmed by CEO and Founder Snehal Fulzele, a Carnegie Mellon grad and former Engineer at Tavant Technologies, Adobe and most recently Oracle, Cloud Lending is quickly enabling global change in P2P as more and more clients shift to its Cloud Lending Solutions.
Architecting a 100-percent cloud-based loan processing platform, LendingPoint’s CTO Franck Fatras turned to Cloud Lending Solutions to build the company’s cloud-based business platform. Since its official launch two months ago in December 2014, LendingPoint’s loan processing system has been tested and proven, and has experienced rapid and scalable growth.
“With Cloud Lending we reduced an anticipated six to 12 month platform build and deployment, bringing it down to less than three months. This dramatically changed our go-to-market strategy and helped us realize a faster connection with consumers,” said Franck Fatras, CTO at LendingPoint. “Cloud Lending was the only end-to-end solution built natively on Salesforce – a strict requirement in our platform architecture. Throughout our partnership, Cloud Lending has been attentive to our specific needs, which has made it possible for us to deliver a reliable and secure cloud-based alternative to bank lending in less than ninety days.”
Non-bank lending institutions are growing at a rapid pace. By 2025, Foundation Capital predicts that $1 trillion in loans will be originated through marketplace lending, the leading form of non-bank lending. Non-bank lenders—including companies like LendingPoint—are disrupting the lending ecosystem by finding innovative ways to serve those who are currently underserved by traditional banking institutions, giving them access to loans they may not otherwise get.
“The lending industry is undergoing a paradigm shift with disruptive technologies such as cloud and mobile transforming the financial services industry,” said Darpan Saini, CTO and co-founder of Cloud Lending Solutions. “Legacy systems are slow, or due to regulation, unable to adapt to consumers who now expect faster and more cost effective access to credit. In line with this shift, Cloud Lending’s mission is to move all lending institutions from antiquated on premise systems to the cloud to better serve their customers’ needs for agile lending solutions. Working with LendingPoint to meet their customers’ needs is a big moment for Cloud Lending Solutions and we look forward to serving them as they continue to expand.”
Founded in 2012, Cloud Lending Solutions has experienced rapid momentum in the last 12 months, including 250 percent annual sales growth and closing a 1$M pre-series A round within the last 30 days. Most recently, Cloud Lending launched CL Marketplace, a unified cloud platform that simplifies and automates the entire loan process in marketplace lending.
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