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Home Funding

Financial matchmaking platform Rubique raises another round of funding

StartUp Terminal Bureau by StartUp Terminal Bureau
August 8, 2021
in Funding
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Financial matchmaking platform Rubique raises another round of funding
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Mumbai, India, April
30, 2018
– Breaking new grounds in the formal finance
sector through innovative and dynamic use of technology, Rubique Technologies
PVT LTD, India’s largest online financial matchmaking platform has raised an
undisclosed amount funding led by Japan’s Recruit Group and Russian venture
capital management company, Emery Capital. The funding round saw participation
from Blacksoil & existing investor Kalaari Capital. The funds from this round
will enable Rubique to further strengthen its technological and analytics
capabilities. The company also aims to expand its credit product offerings to
deepen its reach to small enterprises and reach out to underserved micro
enterprises.




Established in the
year 2014, Rubique has demonstrated how frugal innovation, propelled by
disruptive technologies in the traditional lending space, can simplify complex
financial procedures to fulfil every financial aspiration in the simplest,
shortest and speediest way possible. Since its inception the company has
already facilitated loan disbursement worth approximately Rs. 2,670 crores and
over 82,000 credit card setups through its platform.
The involvement of
Recruit Group and Emery Capital, both having an international expertise in
facilitating adoption of newer technologies across sectors and geographies, as
well as its existing investors, underlines the trust that Rubique has generated
in the global market.
Manav Jeet, MD & CEO, Rubique
Speaking on the
announcement, Manav Jeet, MD & CEO, Rubique
 said, “The success of the latest funding round is a strong
indication of the trust our investors have in our vision, our
technology-thinking of financial services as well as in our strong focus on
robust unit economics model. We have managed to successfully stand out in the
fintech space as an innovator par excellence and one of the genuine success
stories of the domain through our unique asset light business model. With the
domain expertise our investors bring on-board, we look forward to leveraging their
insights as we build a leading platform for digital lending in India. We would
also like to thank our existing investors for continuing to support us in our
growth journey.”
Rubique has recently
closed 200K customers and have generated revenue of around $7.2 Mn (INR 47 Cr),
clocking a revenue of around 3.5 Cr month on month. With a consistent growth,
Rubique has been unit economics positive at the transactional level and will be
aiming to breakeven in 2019 & going for Rs. 100 crores revenue by
2021
Speaking on the fund
raise, Ivan Savelyev from Emery Capital said
, “Rubique’s unique business model and
technology thinking has an impressive ability to hit the ground running to build
a financially strong nation with easy access to credit to all sectors of the
society – Businesses and Millennials. We believe that the deployment of
technology to develop scalable and accessible financial services platforms,
incorporating big data analytics and machine learning, will be critical to any
lending business serving the underbanked and underserved customers in India. We
are committed to supporting Rubique on its journey to become a leading fintech
player in India and also help and share our experience with similar models in
other continents & explore synergies to work with them”




With the world
constantly innovating, the advanced technologies such as Blockchain, Big Data
and AI used by Rubique analyses multiple data points to assess the creditworthiness
of the customers and provide them the offers they are eligible for, thereby
removing the manual efforts in the loan processing system. The company has
recently built a data science team which leverages its rich customer data and
bank credit policies to build a proprietary AI based Matchmaking and ranking
algorithm that provides a customized list to each consumer based on his/her
needs and profile. This offers manifold advantages in terms of higher approval
rates, better customer satisfaction and improved sourcing to its financial
partners.
Eying the future
growth of the company, Rubique envisions becoming the largest online financial
matchmaking platform in India and aiming for entire ecosystem growth including
customers, financial institutions & influencers. With focus on maintaining
its model asset-light, Rubique is planning to invest in Data science &
leverage insights generated to build stronger business propositions.
“Apart from this round we are also in the final stages of closing another
tranche’ of funding, to be led by couple of marquee investors. We are excited
about our next phase of growth and will continue to develop superior technology
products for the ecosystem players thereby aiming to bring a symbiotic
relationship between banks and technology, bridge India’s credit gap.”
 Jeet further added.


Tags: FundingStartup News
StartUp Terminal Bureau

StartUp Terminal Bureau

Startup Terminal is a global news portal reporting news and analysis on technology, start-ups, and business-related news from all over the world. We exclusively feature entrepreneurs, startups, businesses, and technology companies to reach out to a wider audience. Contact us at editorial@startupterminal.com

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