Mumbai-based fintech startup Rubique, has raised $3 million of funding in a bridge round. The money has been invested by existing investor Kalaari Capital and Udayan Goyal, managing partner at Apis Partners, a financial services-oriented private equity firm focused on Africa and South Asia.
The recent bridge round of funding came after the company’s announcement mid last year that it intends to raise $10-15 million in a Series-B round. The company had raised $3 million in Series A from Kalaari Capital, YourNest Angel Fund, Globevestor and Dexter Angel Circle in April last year.
Rubique was founded in October 2014 by Manavjeet Singh and Sandeep Nambiar, which aims to bring every borrower and lender on a common platform. The duo introduced a tech-led lending solution which is unique in terms of its matchmaking algorithm and direct integration with financial institutions’ lending underwriting systems.
Rubique’s marketplace platform has been integrated with financial institutions’ systems for real time processing and for providing online approvals to the customer. The advance technology solution not only reduces the processing time significantly but the data analytics done on hundreds of data points helps to bring predictability & assess creditworthiness offering best deal to their customer.
With this technology solution, the model is focused on disbursement rather than mere lead generation allowing the customer to get the best deal in the quickest possible time while lowering the cost for customer acquisition for the financial institutions.
Most recently the company has launched Rubique Advantage feature, new lending solution TAB and the freshly added insurance products to its portfolio has enabled the platform to disburse more than Rs 1,500 crore worth of loans across 27 cities till date. Of this, Rs 250 crore was disbursed in the last two months alone. Rubique is now looking to expand its team of data scientists as well.
Manavjeet Singh, CEO, Rubique said, “We’ll be leveraging these funds to make even greater inroads across India, strengthen technology product with rich data science methodologies like AI-MLP and explore new product territories in Insurance & Mutual Funds”
“We delayed our Series B round since the company was already generating revenue worth Rs 2 crore a month for the last six months without spending any money on marketing. In fact, we didn’t need money for survival. However, we decided to go with the new round of funds as there was immense inbound interest,” Singh adds.