With technology as a key enabler to make finance simpler and minimize the gaps in the lending sector, Rubique has witnessed over 400% of growth in business with the same number of team members. The fintech company empowering individuals and SMEs by providing easy and smooth access to finance has facilitated disbursement of loans worth over INR 1250 crore & 31,000+ credit card setups. It aims to disburse loans over INR 2000 crore & 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 INR 17.5 crores of revenue which equals its Series A funding. On this occasion of this achievement Manavjeet Singh, Founder and CEO of Rubique said, “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 Y-O-Y growth. And maintaining our SME focus, we are happy to share that 65% of our business has been facilitated to the SME segment. 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 INR 2000 crore & setup 52,000+ credit cards by 2018.”
Rubique was established to plug the huge gap between banks’ requirements and customer needs whether it was retail lending or MSME finance. To overcome the challenges faced by banks and the pain that customers go through, the platform uses advanced technologies to analyze hundreds of data points for assessing the creditworthiness of customers and provides them the offers they are eligible for, thereby removing the manual efforts in the loan processing system. It is such unique technology propositions that have enabled Rubique to cross the mark of INR 1250 crore+ in disbursement. The newly launched feature called ‘Rubique Advantage’ enabling the users in getting their loan applications processed faster through e-KYC, has further helped the platform to steer closer to the digital savvy customers and increase their chances of getting loans.