While fintech companies in India have been attempting to bring agility, innovation, and accuracy to bear upon India’s complex financial challenges, not many have been focusing on fixing the problems faced by lenders or borrowers. For every borrower, there is a lender out there looking to invest wisely, but there aren’t too many platforms where the two entities could meet. In an attempt to address these gaps, Mumbai-based Manavjeet Singh (Manav Jeet) and Sandeep Nambiar launched Rubique in 2014. The fintech start-up demystifies complex financing processes and empowers individuals and SMEs by providing easy and smooth access to credit through a wide range of credit cards and loan products. This is a tech-led lending solution, which is unique in terms of its matchmaking algorithm and direct integration with financial institutions’ lending underwriting systems. “We wanted to create an ecosystem where customers could have a one-stop solution to their financial needs, and a platform for financial institutions to reach out to and evaluate borrowers using technology and distribute credit and other financial products,” explains Manav Jeet, MD & CEO, Rubique.
Rubique was thus formed to engage with both ends of these problems—to create a convenient and technology-driven marketplace to enhance access, discoverability, and efficiency for both lenders and borrowers. “Rubique is the product of that vision, and has shown tremendous success in addressing both ends of the complex system to bring a new level of synergy to the industry,” he adds. Jeet says Rubique’s top-line and bottom-line growth speaks about its financial performance. “We rely upon an asset-light model—our balance sheets lack red ink, keeping us ahead of new-age NBFCs that offer pay day loans and other capital-guzzling business models. Our positive unit economics and market-leading technology and processes are helping us aiming for an exponential increase in business and revenue in the 2018,” he says.
Growing at a steady space, Rubique is present in 27 cities across India, and has facilitated disbursment of Rs 2,000 crore worth of financial products and services from its platform in a short time. The start-up intends to expand operations to 100 cities across India, making its ‘Online PLUS’ model available to a wider population. “Our success in markets as disparate as Pune, Kolkata, and Hyderabad show that our unique solutions and broad approach have great relevance, and we expect that our expansion to new cities shall create countless more opportunities for Indians to avail of the products and services available on our platform,” he says.
Rubique has raised Series A funding of $3 million. Jeet says, “In 2017, we have made 4x more revenue than we did in 2016, going from Rs 236 crore in FY16 to Rs 1,000 crore in FY17.” It has signed an MoU with the government of Andhra Pradesh to be a part of its Fintech Valley initiative, and is not just connecting with nationalised banks but also providing fintech courses in the region. Further, it intends to invest a large sum to create these Data Lab centres and hire the best data scientists available to create more efficient processes and drive our growth and strategy.