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Related Headlines
| 08/02/2024 | Square: Loss rates consistent |
| 06/17/2024 | Cloudsquare unveils Cloudsquare Lend |
| 06/06/2024 | Cloudsquare: 14 new lender APIs |
| 09/19/2023 | Square CEO stepping down |
| 06/28/2023 | Square unveils new credit card |
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Stories
Square Loans: Loss Rates Still Consistent With Historical Averages
August 2, 2024Block’s business loan division, Square Loans, reported that loss rates in Q2 remained consistent with historical averages. This while origination volume continued to tick upward, coming in at $1.45B in Q2 over $1.32B in Q1. Block is likely the largest online business lender in the US. It originated $4.78B in 2023. The vast majority of Block’s business loans are sold off to to investors.
Because of Block’s overall company size, its business lending operation was mostly unmentioned during the earnings call. Its CEO Jack Dorsey emphasized that a key part of the company’s acquisition strategy going forward is “self-serve onboarding.”
“Product-led growth remains a core pillar of our go-to-market strategy because self-serve onboarding is still Square’s most important customer acquisition channel,” Dorsey said in the quarterly shareholder letter. “Self-serve onboarding is an important differentiator for Square and one of our super powers. Many of our competitors don’t even offer this as an option.”
Cloudsquare Unveils Cloudsquare Lend: The Most Secure and Robust End-to-End Lending Platform, powered by Salesforce
June 17, 2024Los Angeles, CA – June 17, 2024 – Cloudsquare, a leader in the LOS/LMS platform arena and a renowned Salesforce consulting partner specializing in alternative lending solutions, proudly announces the general availability of Cloudsquare Lend. This revolutionary end-to-end loan management system is meticulously crafted to empower small business lenders with unparalleled efficiency and scalability.
Cloudsquare Lend stands as a beacon of innovation, offering a highly flexible, scalable, and customizable loan management platform built on the robust Salesforce ecosystem. This groundbreaking solution seamlessly integrates all lending processes, providing deep business insights and automating the entire funding journey, all without the need for coding expertise.
“Cloudsquare Lend was developed in response to a pressing industry need for a comprehensive platform capable of managing all facets of the lending process,” stated Jeffrey Morgenstein, CEO of Cloudsquare. “Our solution scales effortlessly, empowering users with the ability to configure the platform independently, thus eliminating the dependency on service providers and development costs. Our mission is to deliver the most robust end-to-end lending platform, ensuring our clients can thrive and adapt as their business evolves.”
Gerbian King, CEO of Fundr shared, “Partnering with Cloudsquare was one of the best decisions we made for our business. Their hands-on approach, responsiveness, and commitment, to delivering results have elevated our operational capabilities and positioned us for long-term success.”
Cloudsquare Lend highlighted features include:
- Loan Origination: Automated workflows; KYC; underwriting automation; credit, Thomson Reuters CLEAR, and Plaid integrations; email submissions, duplicate submission management, referral source management, pricing, stipulation management, e-sign contract integrations
- Loan Servicing: ACH integrations, same day and next day processing, payment auto-scheduling, concurrent payment schedules, fees and collections automation, streamlined funding and disbursements, white-labeling, merchant statements
- Syndication: Syndicator onboarding, flexible fee settings, remittance automation and reporting, participation portal
- Secure and Compliant: Built on the Salesforce platform, Cloudsquare Lend leverages Salesforce’s robust security infrastructure, which includes encryption, advanced threat detection, and compliance with global standards like GDPR, HIPAA, and ISO 27001. Salesforce’s dedication to security ensures that sensitive financial data is protected against unauthorized access and breaches, offering a more secure alternative compared to other platforms.
Dennis Mikhailov, COO of Cloudsquare, added, “Our extensive experience in providing technology solutions to leading players in the alternative lending industry has underscored the need for a reliable, robust, scalable, and affordable platform. We have not only met these needs but continue to listen to and collaborate with our customers to prioritize our development roadmap, consistently delivering updates that enable them to fund smarter, faster, and more efficiently.”
Discover how Cloudsquare Lend can revolutionize your lending operations by visiting https://link.cloudsquare.io/Nbhf.
About Cloudsquare
Cloudsquare, is a robust LOS/LMS platform and premier Salesforce consulting partner specializing in solutions tailored for alternative lending. We pride ourselves on being the provider of choice for ambitious, forward-thinking organizations aiming to elevate their operations to the next level. Cloudsquare’s excellence has been recognized by industry leaders, is listed on the Inc. 5000 as one of America’s fastest-growing companies and is consistently rated as a top service provider on platforms like Salesforce AppExchange, G2, Clutch and Manifest. For more information, please visit https://link.cloudsquare.io/RYuO.
Cloudsquare Unveils Game-Changing Lender APIs for Streamlined Submissions
June 6, 2024New out-of-the-box integrations promises to revolutionize the deal submission process, boosting efficiency and cutting costs for alternative lending companies.
Los Angeles, CA – June 6, 2024 – Cloudsquare, a leading LOS/LMS platform and Salesforce consulting partner specializing in alternative lending solutions, announces the launch of 14 new Lender APIs integrated into Cloudsquare Broker, an alternative lending CRM powered by Salesforce. This significant advancement enhances the speed and efficiency submitting deals to lenders who accept portal submissions
The Lender APIs address common challenges in submissions, reducing delays and costs with a streamlined, automated solution. They integrate with the CRM’s Submission Channel, an AI-powered module that matches the right lenders for each deal, increasing approval rates by avoiding unnecessary declines.
Depending on the lender’s API capabilities, brokers gain access to features like real-time status updates, document retrieval, instant offers and decline reasons, further enhancing processing efficiency.
“With our new Lender APIs, users can experience a tenfold increase in submission speed,” said Jeffrey Morgenstein, CEO at Cloudsquare. “This not only saves our clients tens of thousands of dollars in processing payroll but also ensures they stay ahead of their competitors by operating at peak efficiency.”
Supported lenders include Bitty Advance, CAN Capital, Credibly, Expansion Capital Group, Fora Financial, Forward Financing, Headway, Idea Financial, Kapitus, Lendini, Mulligan Funding, OnDeck, PIRS Capital, and Rapid Finance.
“For customers who work with lenders not currently on the list, Cloudsquare offers the flexibility to add any lender to the submission framework, provided they have an API available,” said Paul Albuquerque, Director of Product at Cloudsquare. “It is our mission to elevate the entire industry and drive synergy through technology.”
This development underscores Cloudsquare’s commitment to innovative solutions that meet the evolving needs of the financial services industry, helping businesses operate more efficiently.
To learn more about how Cloudsquare’s Lender APIs can transform your submission process, visit https://link.cloudsquare.io/RYuO.
About Cloudsquare
Cloudsquare, is a robust LOS/LMS platform and premier Salesforce consulting partner specializing in solutions tailored for alternative lending. We pride ourselves on being the provider of choice for ambitious, forward-thinking organizations aiming to elevate their operations to the next level. Cloudsquare’s excellence has been recognized by industry leaders, is listed on the Inc. 5000 as one of America’s fastest-growing companies and is consistently rated as a top service provider on platforms like Salesforce AppExchange, G2, Clutch and Manifest. For more information, please visit https://link.cloudsquare.io/RYuO.
Square Loans: $1.32B Funded in Q1, Expands to Japan
May 2, 2024
Square Loans, a subsidiary of Block, originated 129,000 small business loans for a total of $1.32B in the first quarter.
“Strength in banking gross profit was driven by continued strong demand for loans and healthy repayment trends,” the company said. Loss rates also remained consistent with historical ranges.
The company also expanded its business loan program to Japan and it has so far exceeded their expectations.
“Clearly, quick access to funds and a seamless product experience are true differentiators relative to existing financing options for SMBs in Japan,” said Block CFO Amrita Ahuja.
Separately, Block CEO Jack Dorsey spent an inordinate amount of time talking about Bitcoin in the quarterly shareholder letter, his entire message in fact.
It opened up with the following quotation: “Why the hell are you all spending so much time on bitcoin?”
“We get this question a lot. We’ll use this quarter’s letter to answer it,” Dorsey wrote in response.
Square Generated $4.78B in Business Loans in 2023
February 22, 2024Block’s business loan division, Square Loans, had a massive year in 2023, generating $4.78 billion in loans. That was $1.5 billion more than its closest competitor Enova and up from $4.06 billion in 2022.
Data of this sort is becoming harder to come by industry wide. Several publicly traded firms that once highlighted their origination volumes have since sought to minimize disclosure of it. (This is an approximate list of the largest online small business lenders and merchant cash advance providers in the US.) While Square still makes their origination figures available, it warrants no mention on the Block quarterly earnings calls because its impact on the overall business is small. Block generated $21.92 billion in net revenue in 2023 for example, $9.5 billion of which stemmed from its bitcoin business.
Square: Business Loan Originations, Loss Rates Steady in Q3
November 2, 2023Block’s Square Loan division chugged along in Q3, originating 120,000 loans for a total of $1.17B. The company’s origination figures in the first nine months of this year are basically on par with the origination figures of the last nine months of 2022. This suggests that Block is being cautious and conservative.
Block also said that loss rates on Square Loans “remained consistent with historical ranges.”
Square loan originations for the past six quarters:
Q2 2022: $1.01B
Q3 2022: $1.14B
Q4 2022: $1.16B
Q1 2023: $1.10B
Q2 2023: $1.10B
Q3 2023: $1.17B
Block did not talk about Square Loans on its earnings call except to say that it’s among a number of products it offers that serves as a retention tool and that in the future it will become more of an acquisition channel as well.
Square Loans Adds Monthly Payment Option, Tops $1B in Loans in Q2
August 4, 2023Block’s Square Loan subsidiary is adding another business loan feature to its arsenal, a monthly payment option “to serve larger sellers who wanted more visibility into managing their cash flow.”
The company had a major quarter by making 119,000 loans for a total of $1.10 billion in originations. The company has consistently ranked among the top online small business lenders in the country.
Square Loans said that 25% of its fixed payment loan customers so far have been “mid-market sellers,” small businesses that process more than $500,000 in annual card payment volume.
Square Loans Originates $1.1B in Funding in Q1
May 5, 2023Block is not slowing down its small business lending division. Square Loans originated $1.1B across 113,000 loans in the first quarter of 2023, keeping it on pace to continue remaining the largest small business lender that deBanked publishes data on. The company said that loss rates remained consistent with historical ranges and that strong revenue and gross profit were achieved.
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