Rubique, a finance technology company that aims to empower individuals and SMEs by providing easy access to finance and financial products, is reportedly in talks with investors to raise a new funding round.
The company is in talks with China and UAE based venture capital firms, along with its existing investors, to raise about ₹128 crore ($20 million) in its Series B funding round.
A couple of months ago, the startup had raised a bridge funding round from existing investor Kalaari Capital and Udayan Goyal, worth around ₹19 crore ($3 million).
Manavjeet Singh, CEO and MD of Rubique said,
We are a few weeks away from completing our Series B funding. We are in an advanced stage of discussions with two venture capital firms from China and the UAE for the next round which will accelerate our expansion plans.
The company is planning for the expansion of its operations with an aim to grow its presence to 100 cities by December this year. It has recently received regulatory approvals for insurance products and services, and will soon launch insurance policies.
The startup, which currently acts as a credit facilitator for SMEs and individuals, is also getting ready to venture into mutual funds market by November.
Rubique was founded by Manavjeet Singh along with his partner Sandeep Nambiar in October 2014, with an aim to bring every borrower and lender on a common platform. It currently operates in Mumbai, Delhi, Kolkata, Bengaluru, Hyderabad, Pune and Jaipur.
The company introduced a tech-led lending solution with matchmaking algorithm and direct integration with financial institutions’ lending underwriting systems.
It claims to have facilitated disbursement of loans worth ₹1,900 crore and enabled more than 47,000 credit card set-ups with a monthly run rate of ₹150 crore and close to 5,000 credit card processing.