Rubique announced that it has processed more than INR 975 crore worth of loans since its inception in October 2014. The online marketplace for financial products has also issued 26,000 credit cards through 65 financial institutions, generating revenue of INR 17.5 crore.
Through various technology interventions such as the proprietary matchmaking algorithm, e-KYC, direct integration with Financial Institutions’ system, Rubique has been able to make traditional loan process more simple, predictable & efficient for customers as well as financial institutions. The advance technology used on this platform analyzes hundreds of data points to assess creditworthiness of the customer and provide him the offers he is eligible for. Further, the integration with financial institutions’ systems enables Rubique to provide an online approval through real time processing of application. Overall, these technology interventions have removed the manual efforts in the loan processing making it smoother.
Registering a 10% month-on-month growth, Rubique’s completely tech-enabled process has reduced the loan processing time almost by half vis-a-vis turnaround time in traditional approach. It has facilitated SMEs massively by processing quick loans as and when small businesses need capital. In fact, 65% of the total loans were granted to SMEs, with 75,000 applications being processed over the last two years.
Summarizing the performance, Manavjeet Singh, Founder & CEO - Rubique, said, “We have been consistently focusing on introducing technology interventions in the traditional loan process to make the access to capital, an easy & hassle free for both small businesses and individuals. The strong technology backbone has helped our customers to fulfill their financial needs with greater convenience than ever and the numbers speak for themselves. Our current run-rate is on the brink of INR 100 crore a month, with revenues of almost INR 1.5 crore a month. While tier 1 cities are our primary business contributors, we are also generating a good response from other cities. We have also signed 165 product agreements, out of which 112 have been digitalized making our online platform offerings more robust for our customers. 2016 has been an exciting journey correcting our path between few successes & failures. Now 2017 looks more promising with our aim towards bigger execution plans & further advancement in technology capabilities”
Operating across 6 cities (Mumbai, Delhi, Bangalore, Pune, Kolkata and Hyderabad) currently, Rubique’s journey has been a long yet successful one, from being a bootstrapped firm with a $1.5 million investment utilized in setting up operations to receiving a Series A funding of $3 million led by Kalaari Capital and supported by YourNest Angel Fund, Globevestor and Dexter Angel Circle. Its present performance is a clear indicator of Rubique’s vision to establish itself as the definitive fintech player in India, disruptive the landscape of financial products.
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