Fintech startup Rubique said it has disbursed loans worth Rs 488 crore in last 4 months, marking a 48.8% growth in comparison to FY 2016-17, while resulting in a substantial rise in revenue as well. Company said it has maintained its ratio of Retail v/s SMB split as 40:60. “With more and more credit policies getting digitized & algorithms getting integrated with platform, Rubique is experiencing a higher approval ratio & the cumulative approval ratio for retail & SMB products is over 60%,” said company.
“The sizeable SME sector in India continues to be a major contributor to our growth, occupying 60% of the loans disbursed by Rubique. We are witnessing ecosystem too gearing up for the change & increasingly financial institutions are working with us for technology integrations for seamless process. Our aim for the immediate future is to disburse Rs 2000 crores of loans by 2018 which does not seem to be so distant milestone now,” said Manav Jeet, MD & CEO – Rubique.
Rubique’s Online PLUS model enables users to get their loan applications processed faster through PAN verification, Aadhaar based ekyc, Credit bureau integration, banking analysis, enhanced logic in proprietary matchmaking algorithm and addition of new data science methodologies. They can also receive online in-principle approval on various products along with real time status tracking. The fulfillment is handled by Rubique’s tech-enabled business associates.
Rubique also uses Rubot, an AI and decision engine powered bot which is aimed at easing transaction experience by making use of interactive messaging interface, customised chats basis past interactions in the form of a live chat.
Rubique also provide lending gateway that unifies financial interface to its partners to complete their application and check exact offers presented through match making logic. Company said it already has 34 strategy partners across various industries using lending gateway to provide services such as cards, medical loans, education loans, wedding loans etc. to their customers.
These advanced technology products have enabled the platform to disburse around $270 million crore worth of loans, over 43000 credit cards and realised $3.8 million revenue till date. Rubique platform has over 130 credit policy algorithms out of 215 products available across.