In yet another game-changing round of finance, Rubique, the fintech company empowering individuals and SMEs by providing easy and smooth access to finance and financial products has raised a bridge round of funding of $3 million. The money has been invested by existing investor Kalaari Capital and Udayan Goyal, managing partner at Apis Partners, a financial services-oriented private equity firm focused on Africa and South Asia.
The recent bridge round of funding came after the company’s announcement mid last year that it intends to raise $10-15 million in a Series-B round. The company had raised $3 million in Series A from Kalaari Capital, YourNest Angel Fund, Globevestor and Dexter Angel Circle in April last year.
Commenting on making the fund raising a discreet affair, Manavjeet Singh, CEO, Rubique said, “We delayed our Series B round since the company was already generating revenue worth Rs 2 crore a month for the last six months without spending any money on marketing. In fact we didn’t need money for survival. However, we decided to go with the new round of funds as there was immense inbound interest. We’ll be leveraging these funds to make even greater inroads across India, strengthen technology product with rich data science methodologies like AI-MLP and explore new product territories in Insurance & Mutual Funds”
Based out of India’s financial capital Mumbai, Rubique was incorporated by Manavjeet Singh along with his partner Sandeep Nambiar on October 2014, to bring every borrower and lender on a common platform. The duo introduced a tech-led lending solution which is unique in terms of its matchmaking algorithm and direct integration with financial institutions’ lending underwriting systems. Rubique’s marketplace platform has been integrated with financial institutions’ systems for real time processing and for providing online approvals to the customer. The advance technology solution not only reduces the processing time significantly but the data analytics done on hundreds of data points helps to bring predictability & assess creditworthiness offering best deal to their customer.
With this technology solution, the model is focused on disbursement rather than mere lead generation allowing the customer to get the best deal in the quickest possible time while lowering the cost for customer acquisition for the financial institutions. With a unique technology-driven model, it aims to tap all customer segments be it the digital savvy or the traditional Indian customer.
Rubique has been truly metamorphosing the traditional lending process through technological interventions in an unprecedented fashion. It has just localised its Rubique Associate app. The interactive app now live in Hindi, Marathi and Bengali language will now enable more number of potential business associates to register with Rubique and earn a commission for every reference search for Loans or Credit Cards. The interface for all the three language apps is an exact replica of the English version, making all the user-friendly features available to speakers of Hindi, Marathi and Bengali.
Its recently launched Rubique Advantage feature, new lending solution TAB and the freshly added insurance products to its portfolio has enabled the platform to disburse more than Rs 1,500 crore worth of loans across 27 cities till date. Of this, Rs 250 crore was disbursed in the last two months alone. Rubique is now looking to expand its team of data scientists as well.