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One-stop online marketplace providing technology enabled end-to-end solutions to financing needs of individuals and SMEs Rubique has announced that it has processed more than Rs. 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 Rs. 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 and 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 percent 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 percent of the total loans were granted to SMEs, with 75,000 applications being processed over the last two years.
"We have been consistently focusing on introducing technology interventions in the traditional loan process to make the access to capital, an easy and 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," said Founder and CEO Rubique, Manavjeet Singh.
Operating across six 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 USD 1.5 million investment utilized in setting up operations to receiving a Series A funding of USD three 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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)