Fintech startup Rubique has announced plans to disburse loans over INR 20 billion (US$310 million approx.) and setup over 52,000 credit cards by 2018. The company has observed 400% of growth in business with the same number of team members owing to technological advancements to make finance simpler and minimize the gaps in the lending sector.
Rubique empowers individuals and SMEs by providing easy access to finance and claims to have facilitated disbursement of loans worth over INR 12.5 billion (US$194 million approx.) and over 31,000 credit card setups.
Currently, Rubique has around 51 financial institution partners and over 65 tie-ups, spreading across leading banks like HDFC, ICICI, Axis as well as NBFCs like Aditya Birla Housing Finance, PNB, Indiabulls and Reliance Commercial Finance. It has generated INR 175 million 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% 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,” said Manavjeet Singh, Founder and CEO, Rubique.
“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,” he added.
The company claims that its 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. The company is currently operational in Mumbai, Delhi, Kolkata, Bengaluru, Hyderabad, Pune and Jaipur.