Rubique marches into eastern India, identifies Kolkata as a key market for creating a robust fintech ecosystem
Leverages its fastest growing associate network in the city to disburse loans worth Rs. 200 crores+ since inception
Kolkata, November 1st, 2017: With its constant determination to revolutionize the traditional lending scenario of the country, Rubique, India’s leading fintech company is focused on taking its services to as many Indians as possible. In the same vein, it has identified Kolkata as a key market with tremendous potential after having processed around 10,000 applications and disbursing loan around Rs.200+ crores & 5000+ credit cards in the city of joy till date. The successful expansion of Rubique in Kolkata can be attributed to the fastest growing number of business associates network as well as small-scale entrepreneurs in the city who are always seeking new and convenient ways to access finance.
Rubique is relentlessly making endeavours to flip the traditional lending process through technological interventions in an unparalleled manner, helping a large number of customers in fulfilling their financial requirements. Its unique Online PLUS model enables users to get the best deals & have their loan applications processed faster through PAN verification, Aadhaar based e-KYC, Credit bureau integration, banking analysis, enhanced logic in proprietary matchmaking algorithm and addition of new data science methodologies. Additionally, Rubot – an AI and decision engine-powered bot is aimed at easing the transaction experience, whereas the TAB solution offers a wide SME product portfolio. All these technology innovations have enabled Rubique to disburse credit worth INR 2000 crore so far. Meanwhile, in Kolkata, Rubique has witnessed maximum adoption in this city with 100+ active Business Associates where the top performing business associate comes from this city who has earned around 45 lacs on various loans facilitated through the platform.
Rubique is targetting around Rs. 100 crores disbursements in the coming quarter considering the pace of growth in the city.
Commenting on the successful operations in Kolkata, Manav Jeet, MD & CEO – Rubique said, “The lack of options when it comes to accessing finance has been a major bottleneck for Kolkata-based SMEs and aspiring businessmen in the past couple of years. They have been striving to make the best of the economic opportunity that the state offers but don’t have access to reliable, transparent and time-efficient sources of finance to fulfill their goals. This is what makes the state a key market for us and we are thrilled with the overwhelming response we have received from the city through our growing business associate network. All this was made possible through our latest technology adoption and increasingly digitised processes which offer better approval ratios. With technology at the core of our vision, we are focused on serving more and more new and growing businesses across the region in the coming months.”
Trooping towards an aggressive expansion drive, Rubique eyes a foray into 100 cities across India by March 2018. It is currently present in 27 cities in the country and expects that these new markets will take up substantial credit from the AI-driven platform, raising the current total credit disbursed by the company from INR 2000 crore to triple or quadruple that level.
Rubique is recognized as one of the few success stories driving India’s rapidly-growing digital financial services sector amid all the fintech firms operating in the country today. Recently, the platform was selected by Abu Dhabi Global Market (ADGM) to be a part of the first batch of its FinTech Regulatory Laboratory (RegLab) program. The platform will now develop and test its fintech innovations further as part of the program. In the Paris fintech forum 2017, Rubique was among 130+ fintech participants shortlisted across 25+ countries. In prestigious Benzinga Global Fintech Awards 2017-New York; Rubique was the finalist in the category of Best Lending Platform, Tool competing with globally renowned fintech players. Recently, Rubique has also been featured in IDC’s FinTech 101 list for Asia/Pacific and mentioned as one of the 10 fast growing fintechs in India.These international recognitions prove that Rubique’s business model has been validated and has the potential to be replicated in territories other than India as well.
Fintech Company Rubique is the leading marketplace lending platform in India. The platform empowers individuals & SMBs with an easy & smoother access to finance through wide range of loan, credit card and insurance products. Built on proprietary matchmaking algorithm, Rubique’s marketplace platform has been integrated with financial institutions’ systems for real time processing & 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.