Online financial matchmaking platform Rubique Technologies has raised a new round funding led by Japan’s Recruit Group and Russia’s Emery Capital. Blacksoil and Rubique Technologies’ existing investor Kalaari Capital also participated in the funding.
Although the size of the funding has not been disclosed, it is being said that the funds will be used by Rubique to further strengthen its technological and analytics capabilities. Moreover, Rubique also aims to expand its credit product offerings to deepen its reach to small enterprises and reach out to underserved micro enterprises.
Rubique Technologies was established in the year 2014 and has facilitated loan disbursement worth approximately Rs 2,670 crores and over 82,000 credit card setups through its platform till date. The company has recently closed 200K customers and generated a revenue of around $7.2 million.
Speaking on the funding, Manav Jeet, MD & 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 in our strong focus on robust unit economics model.”
“With the domain expertise our investors bring on-board, we look forward to leveraging their insights as we build a leading platform for digital lending in India,” he added.
Japan-based Recruit Group creates and provides platforms that connect companies and consumers. Headquartered in Tokyo, Japan, the Group offers services including human resources, education, housing and real estate, bridal, travel, automobiles, dining and beauty. The Group has over 45,000 employees and has its operations in more than 60 countries.
Russia’s Emery Capital is an early and growth-stage venture capital firm that backs various entrepreneurs. Ivan Savelyev from Emery Capital said, “Rubique’s unique business model and technology thinking has an impressive ability to hit the ground running to build a financially strong nation with easy access to credit to all sectors of the society – Businesses and Millennials. 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 & explore synergies to work with them”