Mumbai-based financial technology platform Rubique Technologies, on Monday, announced that they had raised an undisclosed amount of funding in a round led by Japan’s Recruit Group, and Russian venture capital management company Emery Capital. Blacksoil along with existing investor Kalaari Capital also participated in this round.
According to reports that emerged earlier this year, the amount is expected to be around $15 to $20 million.
The company states that the funds from this round will enable the platform to further strengthen its technological and analytics capabilities. Further, the funding will also be leveraged to expand the company’s credit offerings, allowing it to deepen its reach to the small enterprises and reach out to underserved micro enterprises.
Founded in November 2014, Rubique is a financial marketplace that provides various products from consumer loans (like home loan, car and a two-wheeler loan) to business loans, apart from other products like insurance.
Rubique analyses multiple data points to assess the creditworthiness of the customers and provides them the offers they are eligible for.
Since its inception, the company claims to have already facilitated loan disbursement worth approximately Rs 2,670 crore, and over 82,000 credit card setups through its platform.
Now, the international expertise and involvement of Recruit Group and Emery Capital will help the company to facilitate adoption of newer technologies across sectors and geographies.
On the announcement, Manav Jeet, MD and CEO, Rubique said,
The success of the latest funding round is a strong indication of the trust our investors have in our vision, our technology-thinking of financial services as well as our strong focus on a robust unit economics model.
The company also stated that it has close to 2,00,000 customers on its platform and has generated revenue of around $7.2 million, or Rs 47 crore, clocking a revenue of around Rs 3.5 crore month on month.
Rubique claims to be economics-positive at the transactional level and will be aiming to break even in 2019. It aims to be closing Rs 100 crore in revenues by 2021.
On the fund raise, Ivan Savelyev from Emery Capital said,
We believe that the deployment of technology to develop scalable and accessible financial services platforms, incorporating big data analytics and machine learning, will be critical to any lending business serving the underbanked and underserved customers in India. We are committed to supporting Rubique on its journey to become a leading fintech player in India and also help and share our experience with similar models in other continents and explore synergies to work with them.
But this might not be the closing of Rubique’s Series-B round. Manav Jeet adds that there is more to the funding:
Apart from this round we are also in the final stages of closing another tranche of funding, to be led by couple of marquee investors. We are excited about our next phase of growth and will continue to develop superior technology products for the ecosystem players, thereby aiming to bring a symbiotic relationship between banks and technology, bridge India’s credit gap.