Cloud Lending Solutions Picks Up Investment from ABN Amro’s Digital Impact Fund

ABN AMRO’s venture capital fund, the Digital Impact Fund (DIF) has made an investment in Cloud Lending Solutions this week. The amount of the funding was not disclosed. “We are excited for the long-term support of ABN AMRO’s Digital Impact Fund with this investment,” Cloud Lending Solutions CEO Snehal Fulzele said in a statement. “We look forward to working with DIF to deepen out global footprint and broaden our lending impact.”

This week’s funding adds to the more than $8 million in capital already raised by Cloud Lending Solutions, which also completed a Series B round in February (amount undisclosed). ABN AMRO joins SF Capital Group and Cota Capital as investors in the company.

Pictured: Cloud Lending Solutions co-founder and CEO Snehal Fulzele demonstrating CL Exchange at FinovateSpring 2015.

Director of DIF, Hugo Bongers, praised the company’s management team, its “broad and innovative product portfolio,” and its track record. “With Cloud Lending Solutions’ robust worldwide growth, they will be able to utilize our investment to further their global expansion,” Bongers said. Headquartered in San Mateo, California, Cloud Lending Solutions also currently has offices in London, Sydney, and Bangalore.

Cloud Lending Solutions provides end-to-end loan and leasing technology that digitizes every aspect of the lending process including origination, underwriting, servicing, and collections. Built natively on Salesforce.com, the company’s solutions enable FIs to leverage the cloud to provide alternative financing to unbanked and underbanked communities worldwide. Founded in 2012, Cloud Lending Solutions demonstrated its CL Exchange platform at FinovateSpring 2015. CL Exchange gives participating online marketplaces and lenders the ability to exchange both consumer and business loan applications to source the most appropriate loans for each company’s lending portfolio. Last month, the company introduced new enhancements to its CL Lease solution in an upgrade that included more than 45 specific product changes and “hundreds of smaller updates.”

Finovate Alumni News

On Finovate.com

  • Cloud Lending Solutions Picks Up Investment from ABN AMRO’s Digital Impact Fund.

Around the web

  • Digital Onboarding and Geezeo forge new partnership. See Digital Onboarding at FinovateFall next week.
  • Icon Solutions initiates functional testing between Instant Payments Framework and RT1.
  • Veridium CTO John Callahan discusses the potential of iris recognition as a biometric security solution for the enterprise.
  • Harborx Wins two Innovation Awards from the World Finance Markets.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Cloud Lending Solutions Unveils New Enhancements to CL Lease

Cloud Lending Solutions has just released new enhancements to CL Lease, its cloud-based, automated, end-to-end leasing solution. The advancements represent more than 45 specific product upgrades and what they company called “hundreds of smaller updates.”

“Our latest version of CL Lease continues to enable lessors to streamline operations, enhance the customer experinece, effectively leverage partner ecosystem, and achieve sustainable revenue growth,” Cloud Lending Solutions CEO and co-founder Snehal Fulzele said. Pointing to the worldwide growth in the equipment leasing market and the need for integrated solutions, Fulzele added, “Lessors can now introduce and manage a broad spectrum of leases at a fraction of traditional costs.”

Pictured: Cloud Lending Solutions co-founder and CEO Snehal Fulzele demonstrating CL Exchange at FinovateSpring 2015.

CL Lease makes it easier to service leases on service equipment and vehicles. The solution enables lessors to setup online leasing portals, originate agreements and record contracts, manage multiple assets in the same contract, and collect decisioning data from multiple sources – including from identity, credit, banking, and valuation services. “CL Lease allows lessors to stay nimble and delight borrowers while offering a comprehensive view into their business operations and systems,” Fulzele said when the product was introduced in March of last year. “Lessors can now easily scale and grow their business to remain competitive in a dynamic market.”

The primary advancements for CL Lease announced this week include criteria-based scorecards, financial statement analysis, financial statement analysis, multi-company and multi-currency support, as well as credit exposure support. Feature updates include contract restructuring, debt schedules, delinquency management, asset tracking, cash management, reporting, and more.

San Mateo, California-based Cloud Lending Solutions was founded in 2012. The company demonstrated its CL Exchange, which facilitates the exchange of consumer and business loan applications among participating online marketplaces and lenders, at FinovateSpring 2015. This week’s announcement on CL Lease comes as the company unveils a variety of upgrades to its commercial lending products including CL Loan, CL Originate, CL Collections, CL Marketplace, and Cloud Lending Solutions’ latest innovation, CL Portal. Cloud Lending Solutions had raised more than $8 million in funding – including an undisclosed investment in a Series B completed in February. The company includes SF Capital Group and Cota Capital among its investors.

 

Finovate Alumni News

On Finovate.com

  • Expensify Reaches Five Million Users Worldwide, Doubles Customer Base.
  • Cloud Lending Solutions Unveils New Enhancements to CL Lease.

Around the web

  • CREALOGIX recognized by Wealth and Finance International as “leading digital financial advisory.”
  • FIS and Equifax partner to offer new identity verification solution, OnlyID.
  • Let’s Talk Payments interviews Finn.ai CEO, Jake Tyler.
  • Jumio teams up with Branddocs TrustCloud to bring its identity verification business to Spain and Latin America.
  • Avoka partnership helps Bankwest win top honors for omni-channel service, digital platform at Australian Business Banking Awards 2017.
  • Fiserv introduces its Instant Issue Advantage wireless tablet solution to support instant, in-branch card issuance.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Finovate Alumni News

On Finovate.com

  • HotDocs Integrates with Data Management Solutions Provider, Advologix.

Around the web

  • iSignthis to gain from proposed bill to strengthen Australia’s AML laws.
  • Alkami Adds Adrianne Court as New Chief Human Resources Officer.
  • TransferWise brings its Borderless Accounts to Canada.
  • Quid unveils new platform redesign.
  • Cloud Lending Solutions launches upgrades to existing lending solutions; launches CL Portal.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Kantox Pulls in $6 Million from Existing Investors.

Around the web

  • Kasasa named a Best Place to Work in Austin for a third consecutive year.
  • PCF Bank partners with Sandstone to launch a digital origination and servicing platform.
  • Cloud Lending Solutions announces CL Portal, a new expansion of the CL Solution Suite.
  • PwC UK and Featurespace partner to provide clients with technology to combat financial crime attacks.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • defiSOLUTIONS Hires Keven Sticher as Chief Information Officer.
  • NCR at Center of Swiss ATM Harmonization Initiative

Around the web

  • CREALOGIX wins The Goodacre Systems in the City Award for 2017.
  • Business Insider profiles Brian Barnes, founder of M1 Finance.
  • Fujitsu begins selling SaaS lending and leasing technology developed by Cloud Lending Solutions.
  • TSYS extends commercial payments agreement with Germany’s Degussa Bank.
  • The Entrust Group announces new integration with eMoney Advisor.
  • Global Debt Registry finishes trial of secure, permissioned blockchain proof of concept.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • A Deep Dive into the Upcoming FinDEVr Silicon Valley 2016

Around the web

  • Idaho Central CU to deploy Alkami ORB platform.
  • Thomson Reuters unveils blockchain dev platform, BlockOne ID.
  • Banking Technology looks at Misys and its plans for a November IPO.
  • Revolut partners with Bank of Lithuania to promote cross-border payments.
  • Hyperwallet introduces its Tax Compliance Services initiative.
  • Cloud Lending Solutions appoints new chief revenue officer and chief financial officer.
  • Yandex.Money to offer mobile money-transfers and support-group chats for crowdfunding via Apple’s iMessage.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.