Rubique Marks Tremendous Growth; Distributed Loans Of Over 250 Crores Since Inception Till End Of March 2016
In FY 2014-15 the company has disbursed loans worth 15 crores
Numbers driven by the online platform’s end-to-end financial services and its association with 54 financial institutions
Underlining the existing gaps in the cash flow of entrepreneurs for their businesses or individuals to realize their dreams/fulfill needs, Rubique; the one-stop online marketplace providing technology enabled end to end solution to financing needs of individuals & SMEs, has processed loans worth over 250 crores within a short period of its operations. Besides loan applications, the online financial firm has issued 6000+ credit cards through 54 financial institutions associated with Rubique, generating revenue of Rs. 4 crore.
In India, borrowers have always had a tough time in raising finance for their needs/business activities. They run from pillar to post to get their working capital or any urgent finance requirements; and majority of times they face denials from financial institutions as they fail to meet the parameters set by them. Having understood this inefficiency between the borrowers and the lenders, Rubique took a charge to address pain areas for both, customers & financial institutions and created a tech-led online lending solution along assisted online channel for fulfillment to eradicate these inefficiencies. Unlike other online players focusing only on credit cards and personal loans, Rubique is one of the very few fintech players in the lending space that emphasizes on offering its services to retail as well as SME consumers.
Manavjeet Singh, founder and CEO of Rubique said, “Initially we struggled to establish our footholds as we were perceived as any other online player in lending place. But with the current loan disbursement figures, we are quite happy that we were successful to establish ourselves as disbursement focused company. After knowing the inefficiencies in the current industry landscape, our choice to use technology across the processes – in providing in principal approval online through integrations or creating assisted online channel to reach out traditional or digital naïve customers has paid off to a large extent.”
“There has been growing acceptance from financial institutions too. With current tie-ups of 54 financial institutions, we have around 144 product agreements across credit cards, retail & SMEs loans. Thus, offering a wider choice to our consumers. With 21,000+ applications generated so far, we look forward to onboard more financial institutions so we could offer more choices to our customers and able to raise the bar for the number of applications processed”
Currently operational in the cities of Mumbai, Delhi, Pune, and Kolkata, Rubique aims to expand to other locations soon to establish itself as one of the few Fintech players changing the landscape of Indian lending space.