FOUNDING YEAR: 2014LOCATION:IndiaREGION:MHLast Update:27 Jun, 2019Company priority:Look out for our new announcement...
Best finance rebranded as Rubique, it offers a wide range of loan products and end- to-end loan fulfillment for individuals and MSMEs. This FinTech Company has introduced a tech-led lending solution which is unique in terms of its matchmaking algorithm and direct integration with Financial Institutions’ lending systems. It has recently added insurance services to their product line and also focus on vehicle loans and construction equipment. Rubique is currently operating in Mumbai, Delhi, Kolkata, Bengaluru, Hyderabad, Pune and Jaipur.
Built on a proprietary matchmaking algorithm, Rubique's marketplace lending platform offers breakthrough features like - real time processing & online approval by direct integration with financial institutions’ systems reducing the processing time significantly. Data analytics performed on hundreds of data points on Rubique's platform assesses the creditworthiness of customers (loan origination qualification) bringing predictability by giving him eligible offers to choose from. Rubique offers the best of both worlds – marketplace for the customer to get choices(eligible) + an end to end fulfillment support just like any lender.
PRODUCTS & SERVICES:Lending platform for Credit Card & Retail Loans, SME Finance. Borrowers - Allows them to borrow from other financial institutions if the customer fails to meet CIBIL score of banks.
REVENUE MODEL:Viewable by subscribers only
EXISTING PARTNERSHIPS:It has partnered with 51+ Banks, financial institutions and other lending firms to offers loan products to their customers. Some of the partners IDBI, PNB, ICICI, HDFC, Axis, Indiabulls Financial Services, Aditya Birla Housing Finance, etc. The company has a strategic partnership with Optacredit, an AI-based online lending platform to offer loans to salaried customers.
COMMENTRubique exhibits the required domain Knowledge and innovative technology which provides a simple solution to the financial needs of all stakeholders.
PRODUCTS & SERVICES:Lending platform for Credit Card & Retail Loans, SME Finance.
REVENUE MODEL:Viewable by subscribers only
TOP PROBLEM SOLVED:The current marketplace for financial products in India is highly inefficient, time consuming & uncertain for customers as well as Financial Institutions. When customer requires a loan he can either approach a bank directly which proves to be time consuming or he can visit loan aggregator websites which bombard him with calls adding to his confusion. If he takes help of DSAs then they only do “Move application” job. In nutshell, the entire journey is challenging in terms of time & information. Also due to varied risk appetite of the FIs, there is no certainty in the process. Today even FIs face a huge challenge of finding right fit of consumer profile & managing turnaround time. Hence the rejection rates are pretty high in the loan ecosystem. This is the biggest inefficiency of the market. We know that for every borrower, there is lender willing to lend. However, the customer today has no sure shot way of finding that bank. Rubique has created a neutral platform. The platform empowers individuals & SMEs with an easy & smoother access to finance through wide range of loan & credit card products. Built on proprietary matchmaking algorithm, Rubique’s marketplace platform has been integrated with financial institutions’ systems for real time processing & provide online approval to the customer. The advance technology solution not only reduces the processing time significantly but the data analytics done on hundreds of data points helps to bring predictability & assess creditworthiness offering best deal to their customer. Through its end to end fulfillment offering, Rubique owns up his customer till end of his journey.
PRODUCT DEVELOPMENT STAGEV2.0 or BEYOND
KEY DIFFERENTIATORSViewable by subscribers only
PRIMARY CUSTOMER TYPEViewable by subscribers only
PRODUCT ATTRIBUTESViewable by subscribers only
STRATEGIC CLIENTS AND PARTNERSHIPViewable by subscribers only Viewable by subscribers only Viewable by subscribers only Viewable by subscribers only Viewable by subscribers only Viewable by subscribers only
NUMBER OF EMPLOYEES:11-50
INVESTORS:, YourNest Angel Fund, Udayan Goyal, Globevestor, Dexter Angel Circle
KEY EMPLOYEES:Manavjeet Singh (CEO)
COMMENT:Founders had strong experience in banking, finance, and technology. Previously, Jeet was senior president and head of retail banking at YES Bank, also he worked with Reliance Consumer Finance, HDFC Bank and SBI Mutual Fund, among other firms. Nambiar previously held different technical positions at Nomura Securities and Wipro.
NUMBER OF EMPLOYEES:51-200
CEO: Manav Jeet
TEAM COMMENT:Viewable by subscribers only
REVENUE COMMENT:Viewable by subscribers only
TRANSACTIONS COMMENT:The company claims to have disbursed more than Rs 1,900 crore worth of loans across 27 cities till date.(Sep 2017)
ACTIVE USERS COMMENT:The company has more than one lakh customers and acquires over 10,000 customers monthly.(Sep 2017).
COMMENT:Rubique has facilitated disbursal of more than 2258 Cr worth of loans, 65,000 credit cards and has been catering to the financial needs of over 1,00,000 customers to date. (Jan 2018)
ANNUAL REVENUE:$1.0M - $4.99M in 2017
NUMBER OF TRANSACTIONS:2 K in 2017
TRANSACTIONS VALUE:$150 Million in 2017
ACTIVE USERS/ACCOUNTS:200 K in 2018
LIVE USERS/TRANSACTIONS:Viewable by subscribers only
How will you grow the number of users/accounts/transactions?Through strategic tie-up in eco-system
TOTAL FUNDING:$10.6 Millions
DATE OF LAST FUNDING:Apr 2018
$3 Millions Closed: Apr 2016
$7.6 Millions Closed: Apr 2018
COMMENTSSERIES B : In Sep. 2017, the company has announced that it's planning to raise total $20 M in Series B round.
COMMENT:The company plans to use the funds to hire more data scientists, enhance technology and reach a monthly revenue of $1.8 Mn (INR 12 Cr) by September 2018. (Apr 2018)
FUNDING COMPLETED:Viewable by subscribers only
TOTAL FUNDING:$3 Millions
LISTED:Viewable by subscribers only
at a $10 Million valuation
FUNDING NEEDED$30 Millions
USES OF FUNDS RAISEDViewable by subscribers only
Viewable by subscribers only