Rubique sees 400 pct growth; to wave-off loans by March 2018

Rubique on Wednesday announced that the company has witnessed over 400 percent of growth in business with the same number of team members.

The leading fintech company empowering individuals and SMEs by providing easy and smooth access to finance has facilitated disbursement of loans worth over Rs. 1250 crore and 31,000+ credit card setups.

It aims to disburse loans over Rs. 2000 crore and setup 52,000+ credit cards by 2018.

These phenomenal numbers were made possible only because of Rubique's constant endeavor to deploy technology in traditional practices. While achieving this growth, Rubique has maintained its proposition of being neutral and was able to do business successfully with its 51 financial institution partners out of 65+ tie-ups it currently has.

Rubique's financial institution network is spread across leading banks like HDFC, ICICI, Axis as well as NBFCs like Aditya Birla Housing Finance, PNB, Indiabulls and Reliance Commercial Finance etc.

Rubique has generated Rs. 17.5 crore of revenue which equals its Series A funding.

"We are proud to be able to process more than 1,10,000 applications so far. We are considering it as a fantastic response to our products with 400 percent percent Y-O-Y growth. And maintaining our SME focus, we are happy to share that 65 percent of our business has been facilitated to the SME segment," said founder and CEO Rubique, Manavjeet Singh.

"Our focus on technology interventions has helped us to maintain our neutral position by distributing loans to almost all financial institution in our network, out of which with 50+ we have successfully done business. Our focus on introducing paperless-focused features and real-time tracking through technology has significantly reduced the loan approval as well as processing time. We are constantly innovating on our approach and aim to disburse loans over Rs. 2000 crore and setup 52,000+ credit cards by 2018," added Singh.

Currently operational in Mumbai, Delhi, Kolkata, Bengaluru, Hyderabad, Pune and Jaipur, Rubique is not only witnessing a growing interest from financial institutions to adopt its technology vision, but is also getting tremendous recognition on international platforms.

The fintech marketplace was one of the 40 finalists across the globe in the Singapore fintech festival held on November 2016 and was also among the 120+ fintech companies across 40+ countries selected for Paris Fintech Forum held on 23rd & 24th January 2017.