DUBAI, United Arab Emirates, May 7, 2018 /PRNewswire/ --
- Aims to reach an INR 100 crore month on month revenue by 2021
- Plans to breakeven by 2019
- Set to expand its product distribution into 100 more cities in India this year and kick start its operations in the UAE market
- Develop alternate data-based credit scoring mechanism to facilitate underwriting for first time borrowers
Setting an example on how grassroot level innovation propelled by disruptive technologies in the traditional banking space, can simplify complex financial procedures for the entire nation, Rubique Technologies Pvt. Ltd., India's largest online financial matchmaking platform has today announced the start of its new journey with Rubique 2.0; unveiling its new brand identity. Currently, clocking $7.2 Mn (INR 47 Cr) revenue in March 2018, with a monthly revenue of INR 3.5 Cr, the company aims to reach an INR 100 crore month on month revenue by 2021 and plans to breakeven by 2019.
Laying out its 2.0 vision, as initial steps, Rubique will sharpen its focus on creating a robust technology-based financial ecosystem in the markets, earlier untouched by Fintech and further strengthen its technological and analytics capabilities to expand its credit product offerings to deepen its reach to small enterprises and underserved micro enterprises. As a part of its ambitious growth targets, the company has planned to heavily invest in newer products and partnerships under its insurance segments, and further expand its product distribution into 100 more cities in India this year.
Bringing alive its renewed brand identity, Rubique Technology has unveiled its new logo which enshrines its core values and mission statement, to fulfil every financial aspiration in the Simplest, Shortest & Speediest way possible. The new logo represents the three pillars of the company - FIs, Customers and influences: integrating deep technology and domain expertise, applying insights from across industries, and consistently delivering world-class integrated, end-to-end solutions for all financial services.
Rubique has also recently raised an undisclosed amount funding led by the investment subsidiary RSP India Fund, LLC of Japan's Recruit Co. Ltd. and Russian venture capital management company, Emery Capital. The funding round saw participation from Blacksoil & existing investor Kalaari Capital as well. The funds from this round will enable Rubique to further strengthen its technological and analytics capabilities. The involvement of Recruit Strategic Partners and Emery Capital, both having an international expertise in facilitating adoption of newer technologies across sectors and geographies, as well as its existing investors, underlines the trust that Rubique has generated in the global market.
Speaking on the occasion, Manav Jeet, MD & CEO, Rubique, said "Almost around four years back we started a journey with a vision to disrupt Indian banking sector with cutting-edge technology and frugal innovation to simplify finances for individual and MSMEs. We have stumbled, learnt and grown into one of the foremost success stories driving India's rapidly-growing digital financial services sector. The latest funding round has shown the trust Rubique has generated in the national and international markets towards our vision and our technology- thinking of financial services. We now introduce, the second phase of our journey, Rubique 2.0, leapfrogging into the future of banking with a renewed and re-imagined focus; delving deeper into newer and underserved markets with the power of technology enabled financial inclusion. Rubique 2.0 encapsulates what we do and mean, for our partners - FIs, Customers and Business Associates - and these values find expression in our new brand identity."
In its constant endeavour to stay ahead of the technology innovation curve and bring a symbiotic relationship between traditional lending institutions and technology, the fintech major plans to develop technology products for the ecosystem to add push for digital adoption & facilitate new technologies into banking, ex. TAB solution facilitating finance for SME customers, alternate data-based credit scoring mechanism to facilitate underwriting for first time borrowers using machine learning and big data analytics; create infrastructure to mitigate fraud with deepen security and data privacy and leverage alternate data, image recognition and video analytics on SPOT to automate data filling and verification thus making customer on boarding seamless and hassle free.
Established in the year 2014, Rubique with its technology thinking of financial services, has proven itself as one of the fastest growing Fintech companies in India, witnessing 4X growth year-on-year. Currently, serving more than 2 lakh customers with offerings varying from loans, credit cards to insurance, the company has helped facilitate a massive disbursement of INR 2,670 crores and over 82,000 credit card setups, till date through its platform, almost 65% of which is targeted to SMEs in India.
With the recent close of its new funds, Rubique is planning to invest heavily in Data Science methodologies and leverage insights generated to build stronger business propositions. The company is building a data science team which will leverage its rich customer data and bank credit policies to build a proprietary AI-based Matchmaking and ranking algorithm that provides a customized list to each consumer based on his/her needs and profile.
Focusing on maintaining a tech-led asset-light model, while remaining unit economics positive at the transaction level, Rubique 2.0 to have a renewed focus on innovation, marketing and strategic partnerships, particularly in the B2C segments, bring advanced technology features at every stage of loan processing cycle through its Online Plus Model, Improving operational efficiency & reducing cost of acquisition, creating easy access to finance to customers.
Rubique was formed in November, 2014, with a vision to fulfill every financial aspiration in the customer's life cycle in the simplest, shortest and the speediest way through a wide range of loan, credit card and insurance products. Built on a proprietary AI-based recommendation engine, Rubique's marketplace platform has been integrated with financial institutions' systems for real-time processing and providing online approvals to the customers. The advanced technology solution not only reduces the processing time significantly, but the data analytics done on multiple data points helps bring predictability and assess creditworthiness offering best deals to the customers.
Various national and international accolades like - 'The Most Promising Brand' by The Economic Times, selection among the top 20 lending fintech players in India by the Financial Express' Best Bank Awards Jury, selection by the Abu Dhabi Global Market (ADGM) for their the first batch of FinTech Regulatory Laboratory (RegLab) program; not only prove that Rubique's business model has been validated and but that it also has the potential to be replicated. Rubique has also been featured in IDC's FinTech 101 list for Asia/Pacific and mentioned as one of the 10 fastest growing fintechs in India.
For more information, please visit the company's website at https://www.rubique.com/.