Built in LA Insider Spotlight: How Cloudvirga Turned a Crossroads Into a New Opportunity
IRVINE, Calif. – November 10, 2020 — In 2019, Cloudvirga was at a crossroads. Its core business — building advanced point of sales solutions for banks and mortgage lenders — was stable but not growing as quickly as it once had. Internally, there had been a management change, costs were rising and there was an ongoing debate about how to prioritize future product development efforts.
“It was clear that we would soon have to go back to its investors for a new round of funding,” Co-CEO Maria Moskver said. “But to do that, our new management team needed to demonstrate a clear vision of the future and willingness to make the hard decisions necessary to turn the company around.”
Co-CEOs Moskver and Daniel Akiva had previously served as chief technology and chief legal officers, respectively, and so they were acutely aware of the challenges that Cloudvirga faced.
“We knew that we had to reinvest in our core retail lending platform, recalibrate our product roadmap and instill operational efficiency into a fintech culture,” Moskver said.
Over the course of the year, they orchestrated a companywide reorganization, addressed quality and enhancement issues in their core platform, and significantly reduced costs and improved operational efficiencies. Those efforts culminated in an impressive start to 2020: In May, Cloudvirga secured a new round of funding from its current investors, launched its new wholesale lending platform with two anchor national lenders, and was named one of the “2020 Best Tech Startups in Irvine” by The Tech Tribune.
“We’re not done, it’s never done,” Akiva said. “But the vitals of our company are the strongest they’ve ever been.”
Cloudvirga is a digital mortgage platform giving consumers and lenders a world-class customer experience from application to closing. Lenders can automate workflows radically cut costs, increase transparency, and reduce closing times. Consumers can manage their loan from any device using data connections and not paperwork. Cloudvirga technology powers nearly $200 billion in loans annually and is used by ten of the country’s top 20 mortgage originators. For more information, visit www.cloudvirga.com.