Fueled by market demand and an innovation-driven regulatory friendly startup landscape, the fintech sector has seen a revolution. Several startups have flourished with traditional financial institutions (FIs) contributing to their growth. The banks and regulators are relooking at their operating models and policies to create a collaborative environment within the fintech ecosystem.
A front-runner in the fintech evolution is Rubique Technologies. Established with a vision to fulfill every financial aspiration in the simplest, shortest and speediest way through loan, credit cards and insurance products. Built on a proprietary AI-based recommendation and fulfillment engine, Rubique’s online financial matchmaking platform is integrated with financial institution’s systems for real-time processing and approvals for customers.
A Banking Veteran
Manav Jeet, MD & CEO, a banking veteran served in several leadership positions in well-known financial institutions like Reliance Consumer Finance, HDFC and YES Bank, prior to setting up Rubique. During his banking career, Manav has handled multiple product types ranging from Microfinance, Retail & SME loans to unsecured business – including credit cards. His vision has ensured that the team is not only grounded but also focused on strengthening the platform solution. His passion and efforts in leading the team has translated itself in numbers which prove the success of the model in the Indian ecosystem.
Under his leadership, Rubique is operational across 32 cities, partnered with 89+ financial institutions for 267+ products, facilitated loan disbursement of Rs. 2,670 crores and 82,000 credit card setups through its platform while generating revenue of Rs. 47 crores.
Rubique’s Unique Services
Rubique’s ‘technology thinking of financial services’ approach has helped them launch various technology solutions for the industry. They are unique since they are a neutral platform bringing transparency by allowing lender & borrowers discover each other. They provide faster access to credit with certainty through their Matchmaking algorithm and Fulfillment engine. Alongwith a wide range of products, Rubique also offers technology enabled distribution thereby tapping every consumer segment offering end-to-end fulfillment.
Rubique offers a host of technology solutions covering the entire lending spectrum – individuals and SMEs throughout the ecosystem. Rubique believes in improving the current processes and reducing inefficiencies through strategic tech interventions and hence, is focused on developing solutions for customers and partners (FIs, strategic alliances and influencers).
Focusing on building in-house technology solutions, Rubique’s team has built SPOT platform (Single Point Of Truth). SPOT focuses on ecosystem collaboration by linking all stakeholders – internal and external allowing origination, assessment and fulfilment seamlessly for all products. It is integrated with paperless-focused features like e-KYC, bank statement analysis, credit bureau check, credit memo generation & MCA integration allowing real time decision-making while reducing cost and effort while maintaining security of data. By leveraging distributed systems, cloud offerings, and serverless architectures, SPOT is horizontally scalable and fluid to ensure constant evolution. Apart from this, Rubique has also developed tech solutions like TAB for easing out SMEs loan process, Rubique MAGIC score, etc.
Tackling the Roadblocks with Digital Initiatives
When Rubique started out, the biggest challenge was convincing the financial institutions to share their credit policies & open the existing infrastructure for deep integration to facilitate instant approval. When all online models were ‘lead generation’ working as sourcing platforms, Rubique offered a unique proposition. In the initial days, the team struggled but now with supportive regulatory environment and digitalization, Rubique is hosting 165+ policies across product categories.
Awards and Achievements
Rubique has garnered many national and international accolades from The Economic Times, Benzinga Fintech Awards, Abu Dhabi Global Market, IDC, etc. which prove that Rubique’s business model has been validated and has the potential to be replicated in other regions as well.
Moving Ahead of the Race
The company’s goal is to become the largest financial marketplace and a one-stop-shop technology solution provider for all stakeholders while addressing & bridging the core challenge of credit gap.
These days, when data is a gold mine, Rubique with its milestone of 2,00,000 customer base will invest in data science and hire data scientists to work on the data to generate valuable insights.
Manav says “From the technology perspective, we will definitely take a plunge in creating innovative & customized solutions like alternate data based credit scoring mechanism to facilitate underwriting for first-time borrowers using machine learning and big data analytics; creating 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.” Further, he adds “We plan to expand to 50 cities in first quarter of 18-19 & take it to 100 cities by financial year end.”
Having already incorporated India stack which offers paperless layer in the transaction & tying up with government entities like NSIC (National Small Industries Corporation), and the Govt of Andhra Pradesh, Rubique will explore opportunities to work with government as part of their ecosystem focus.