Rubique envisions $1bn-worth loan disbursal this fiscal
Online credit marketplace Rubique Technologies aims to strengthen its business pipeline with a target of disbursing loans worth USD 1billion and 200,000 credit card set ups
New Delhi: Online credit marketplace Rubique Technologies aims to strengthen its business pipeline with a target of disbursing loans worth USD 1billion and 200,000 credit card set ups.
Clocking a 67 percent growth from FY 17 - FY 18 and a total revenue of Rs 55 crore, the company's gross revenue saw a substantial hike from USD 2.6 million in FY 2017 to USD 4.3 million in FY 2018.
The company also aims to develop paperless products and take its online proposition to partners to the next level by creating credit decisioning capabilities on its platform.
"Our aim is to build state-of-the-art technology capabilities that will address industry pain points pertaining to 'consumer-right financial product' match making. In addition, through our flagship technology, our goal is to address NPA preventive measures, develop and strengthen the credit decisioning process by developing technology underwriting capabilities. In addition, we will channelise efforts toward increasing efficiency by creating a cohesive credit decisioning process by developing technology underwriting capabilities and scoring model based on alternate data as well as build early signs on fraud and risk," said Rubique MD and CEO, Manav Jeet.
Furthermore, Rubique will channelise efforts in data science methodologies and leverage insights generated to build stronger business propositions. The company is building a data science team which will leverage its rich customer data and bank credit policies to build a proprietary artificial intelligence (AI)-based matchmaking and ranking algorithm that provides a customised list to each consumer based on his/her needs and profile.
The company recently launched a complete paperless disbursal journey to transform the loan approval and processing - through e-KYC, bank statement analysis, and real-time status tracking - into an optimised and efficient system taking up minimal time and greatly increasing accuracy. The platform has also been integrated with Credit Information Bureau (India) Limited (CIBIL), where customers can check their credit scores.
As a part of its expansion spree, Rubique plans to heavily invest in newer products and partnerships under its insurance segments, and further expand its product distribution into 100 more cities in India this year.