Thought Leaders in Financial Technology: Snehal Fulzele, CEO of Cloud Lending (Part 4)

Sramana Mitra: How do you charge?

Snehal Fulzele: We have a stack of business models. It’s a flat fee per user per month. It depends on how many modules they purchase because we offer an entire end-to-end lending suite which covers not only origination, but along with that, we also cover underwriting. This is true for traditional finance companies. They are legacy servicing platforms, but they want to revamp their borrower experience. In that case, they will just got for the origination and the underwriting application.

Sramana Mitra: Interesting. Give me a ballpark. If I’m an online lending institution, what are we talking about? What’s the range? Are we talking $1,000 a month or $10,000 a month.

Snehal Fulzele: If you’re a bank wanting to launch a new line of business, you’re looking at an annual cost of about $100,000.

Sramana Mitra: That would be a comprehensive set of modules to run the whole lending operation?

Snehal Fulzele: Yes, that’s the base platform.

Sramana Mitra: Tell me a little bit about the  company. When did you start the company? Where are you based? Did you finance the company?

Snehal Fulzele: We’re well over three years old now. We started in November of 2012. I described my background. I’m an engineer and an entrepreneur. We, as a company, wanted to be in a large space such as financial services. Lending, to us, is very inefficient and our vision is to simplify that process. In the process, we are building a company that would last. We are based out of San Francisco. We are about 100 employees right now and we have an office in UK as well as in Bangalore in India. We have raised well over $10 million in venture with equity financing.

Sramana Mitra: You started the company in the Bay Area?

Snehal Fulzele: Yes.

Sramana Mitra: Who are your VCs?

Snehal Fulzele: Our previous round was led by SF Capital Group. They were the lead investor. They’ve been a major investor in a lot of online investors. They understand online lending and they bring a lot of insights to the table. They led our Series A round. Our existing investors include Green Visor Capital. They’re a fintech-focused early stage investor. Another investor is Dakota Capital, which is founded by Bobby Yazdani. He has helped the company in a variety of ways. He has helped me personally in thinking about the strategy.

Sramana Mitra: I’m very happy to talk to you. Thank you for your time.

This segment is part 4 in the series : Thought Leaders in Financial Technology: Snehal Fulzele, CEO of Cloud Lending
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