Cloud Lending Solutions announced that it had closed its latest financing round led by Cota Capital, with all existing investors participating. The proceeds will be used to continue its global expansion and to further develop its industry-leading lending platform, according to the release. Founded in 2012, Cloud Lending Solutions is a cloud-based, end-to-end loan and leasing platform built natively on Salesforce, the world’s #1 CRM company. The platform hosts more than 2,800 lending users in over 23 countries that use its products to run all, or part of, their origination, underwriting, servicing and collections lending operations.
“We have seen our business accelerate dramatically since our launch in 2012,” noted Cloud Lending Solutions CEO Snehal Fulzele. “Every day, more companies realize that the cloud computing model empowers the global lending community. Banks, Lessors, and AltFi institutions can grow their lending and leasing business leveraging digitization, resulting in rapid product delivery and increased operational and compliance efficiencies. This capital gives us additional resources to expand quickly and strategically into new markets, innovate rapidly, and deliver on our vision around the world.”
Cloud Lending Solutions’ sees that its continued growth has been driven by increased demand among global lending companies in North America, Europe and AsiaPacific. Building on this momentum, Cloud Lending Solutions will use the additional financing to continue expanding its global reach, to accelerate product growth and innovation, to invest in additional sales and marketing resources, and to evaluate strategic partnership opportunities.
“As demonstrated by their remarkable growth and widespread adoption, Cloud Lending Solutions is clearly a market leader in the development and delivery of loan and leasing cloud-based software,” remarked Cota Capital Founder and Managing Partner Bobby Yazdani. “This investment will help Cloud Lending Solutions capitalize on the global demand for their solutions, and accelerate the company’s pace of product innovation. By every metric Cloud Lending Solutions’ platform is powering this evolution in borrower and lender experience and we are thrilled to extend our partnership as they continue to scale.”
The Cloud Lending Solution product suite allows companies to configure their loan and lease practice using agile methodology, adapting product and lending workflows to customer requirements and complementing existing legacy systems. Cloud Lending Solution customers can create a transformative Omni-channel borrower experience that best fits the borrower’s needs, while simultaneously providing customers with transparency and visibility into all areas of the borrower’s loan lifecycle. Built for rapid deployments using Salesforce’s Force.com architecture, customers can be up and running in as little as eight weeks. The funding round’s amount was not disclosed.