Cloud Lending’s Marketplace technology to serve Peer-to-Peer lending industry

In today’s digital economy, where entrepreneurs are innovating at an unprecedented pace, we hear the word ‘disruptive technology’ way too often. To a human mind, disruption simply means an...

Snehal Fulzele 17th December 2014

In today’s digital economy, where entrepreneurs are innovating at an unprecedented pace, we hear the word ‘disruptive technology’ way too often. To a human mind, disruption simply means an event that is truly capable of interrupting the continuity of day-to-day/normal affairs for GOOD. To me, there are very few technology companies out there who have successfully demonstrated the disruptiveness they are attempting to bring to the world.

In banking, I can point only two events in banking that have earned the respect to be termed as disruptive:

– ATM: In 80s, ATMs freed us from the geographic and time constraints of banks

– Online Trading: In 90s and 00s, online trading helped democratize investment.

We believe that we are on the brink of seeing a third true disruptive event in financial markets – Marketplace Lending. It started as Peer-to-Peer and is morphing itself into Marketplace lending. It has gained early success by making access to financing easier/cheaper for borrowers, and more transparent/lucrative for investors than ever before. I couldn’t help admire the success of Lending Club’s IPO and the fact that there are only 13 banks in the US with bigger market cap than LC made this event historical. It is a great validation that Marketplace lending is here to stay and hopefully achieves Foundation Capital’s vision of originating over $1T in loans by 2025.

When I co-founded Cloud Lending along with Darpan Saini two years ago, I believed we could be the technology enabler for disruptive minds in financial markets. Now I see it coming to life. We have made big progress in the last year with customer traction – and I am gratified by the response from our clients all over the world.

aus-nz-p2pIn addition to our dramatic increase in clients, we are pleased to announce today two significant milestones. We are rolling out an exciting new enhancement to our platform – CL Marketplace. CL Marketplace is built to power P2P, online, crowdfunding and marketplace lenders – to enable them to get to market faster and to focus on building the best marketplace they can. We have helped clients get to market in weeks, not months. Consumer and business lending is fundamentally shifting to non-bank lenders, and we are pleased to help many of the non-bank online marketplaces get to market faster than their competition and then to thrive!

Finally, we are closing our pre-Series A financing from two top tier VCs and an industry disruptor. Tim McCarthy, former president of Schwab, Fidelity Investment Advisor Group and CEO of Nikko Asset, is a legend for successfully launching disruptive technologies such as online trading and mutual fund marketplaces both in the US and overseas.  His participation in our financing is validation of the value we are delivering as a company, and the tectonic shift in the industry. A quote from a recent Financial Times article sums it up nicely – ‘“There is a vast restructuring of the financial landscape underway,” says Lord Davies, as former banker and UK government minister turned private equity executive.

We intend to be an integral part of powering all forms of non-bank lenders, enabling them to innovate and serve all markets.

I’ll end this post by saying that this announcement is just the tip of the iceberg for what to expect from Cloud Lending in 2015. When you are the “Technology Enabler for Disruptive Financial Markets”, you see great opportunity. This opportunity is best reported by the Financial Times. In the same article, they report, “Global regulators at the Financial Stability Board calculate that the industry ballooned from assets of $26.1tn in 2002 to $71.2tn a decade later – equivalent to a quarter of the world’s total financial system.” We are energized by this thought, and will continue to strive to deliver the best cloud technology to enable the disruptors.



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