Finovate Blog

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.”