Rubique, a marketplace lending platform for individuals and SMBs, entered into a strategic partnership with OptaCredit, an Artificial Intelligence-powered, data-driven online lending platform focused on providing unsecured credit to salaried professionals across India.
With its Online PLUS technology led model and proprietary matchmaking algorithm, Rubique will enlist the company on its online marketplace for applicants to avail viable loan products from OptaCredit's offerings.
Headquartered in Chennai, OptaCredit, offers unsecured loans to salaried employees, ranging from Rs. 20,000 to Rs. 5, 00,000. The loan tenure can be up to 36 months, which is totally flexible and can be chosen based on the borrower's level of comfort.
"Even with several traditional lending platforms present today, salaried employees still find it difficult to get loans. The brackets and eligibility criteria are confusing. Empowered by internet and smartphones, millennials today want to conduct financial transactions the same way they would share pictures or apply for a job. Hence, they are in a constant search for financial solutions in an asset-light fashion. Partnering with a FinTech product like OptaCredit complements our business model and vision to provide easy and quick access finance to the borrowers through advanced technology," said Manav Jeet, Managing Director and CEO, Rubique.
There has been a constant and growing need for credit solutions in the upwardly mobile salaried segment for acquiring assets or for personal consumption. With this partnership, Rubique's large customer base will now have timely and easy credit access providing them the benefits of instantaneous decision-making with same-day sanction facilities.
"We are committed to being a partner in the long-term financial health of our customers and in also being a contributor to the community by improving the lives of our customers by aligning our interests with those of our customers. Growing needs of underserved customers combined with increasing digital penetration has resulted in rapidly increasing credit demand and our partnership with Rubique helps us to achieve our aim of democratising credit," said S. Kumar Srivatsan, Founder and CEO, OptaCredit.
Earlier, OptaCredit had secured an initial USD 4 million credit facility from DMI Finance, which would go towards supporting its current financial offerings to help salaried customers across India to get access to timely and transformational credit.
On the other hand, Rubique, since inception, has facilitated disbursal of more than 2258 Cr worth of loans, 65,000 credit cards and has been catering to the financial needs of over 1,00,000 customers.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)