Rubique, a finance technology company empowering individuals and SMEs by providing easy and smooth access to finance and financial products, has raised a bridge round of funding worth $3 million.
The money comes from existing investor Kalaari Capital and Udayan Goyal, managing partner at Apis Partners. Apis a financial services-oriented private equity firm focused on Africa and South Asia.
The funding comes 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.
Commenting on this, Manavjeet Singh, CEO, Rubique said,
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.
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.
Rubique was incorporated by Manavjeet Singh along with his partner Sandeep Nambiar in October 2014, with an aim to bring every borrower and lender on a common platform.
They introduced a tech-led lending solution with matchmaking algorithm and direct integration with financial institutions’ lending underwriting systems.
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.
The company has just localised its Rubique Associate app. The interactive app now live in Hindi, Marathi and Bengali language will now enable more number of potential business associates to register with Rubique and earn a commission for every reference search for Loans or Credit Cards.
Its recently 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.