Rubique Technologies, an online financial matchmaking platform, raised an undisclosed amount funding led by Japan's Recruit Group and Russian venture capital management company, Emery Capital.
The funds from this round will enable Rubique to further strengthen its technological and analytics capabilities, and to expand its credit product offerings to deepen its reach to small and underserved micro enterprises.
Established in the year 2014, the company has already facilitated loan disbursement worth approximately Rs. 2,670 crores and over 82,000 credit card setups through its platform.
"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," said Manav Jeet, MD and CEO, Rubique.
Rubique recently registered 200K customers and generated revenue of around USD 7.2 million, clocking revenue of around Rs.3.5 crores month on month. With a consistent growth, Rubique aims to breakeven in 2019, and achieve Rs. 100 crores revenue by 2021.
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 customised 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.
With focus on maintaining its model asset-light, Rubique is planning to invest in data science and leverage insights generated to build stronger business propositions.
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