In its constant effort to elucidate complex financing processes, reduce the rejection rates among SMEs in India and roll out easily accessible financial services to them, Rubique, India’s leading fintech company, has already disbursed a total credit worth INR 2000 crore to them. Currently present in 27 cities in India, the company is working towards eliminating the struggles faced by SMEs and is assessing need-based capital requirements through its robust technology platform, thereby guiding them with a correct fit of financial institutions. Rubique’s technology solution to digitise the demand and supply chain for SME financing in the existing ecosystem ensures a holistic approach, thereby empowering 1000+entrepreneurs and individuals in raising finance to fulfill their business goals. From overall loan disbursement of Rs. 2000+ crores, keeping its focus on SMEs intact, Rubique has been able to maintain significant portfolio of over 60% serving these SMEs.
Rubique has been disrupting the traditional lending process by digitizing the financial sector in diverse ways. The advance technologies used on the platform analyze hundreds of data points to assess the creditworthiness of customers and provide them the offers they are eligible for. The company’s unique Online PLUS model comes with paperless-focused features that transform the loan approval and processing – through e-KYC, ranking analysis, and real-time status tracking – into an optimized and efficient system taking up minimal time and greatly increasing accuracy. Rubique also deploys Rubot, an AI decision engine powered bot that eases the transaction experience by using customer data to match the customer’s financial requirements with the products hosted on the platform. SPOT, an internal data platform run by Rubique covers the entire consumer journey from lead generation to disbursement for all types of loans and credit cards. Through the deployment of these tech-driven solutions and the access to the products hosted on the platform, Rubique offers a wide range of loan products and end-to-end loan fulfilment to individuals and SMEs.
Commenting on the expansion drive, Manav Jeet, MD & CEO, Rubique said, “Small businesses and individuals have traditionally been excluded from the financial system, and they are found across India in urban and semi-urban centres. Due to varied risk appetites of financial institutions, there is a lot of subjectivity in the loan process, especially for SMEs. Our expertise in banking and a unique tech-led lending solution is helping them approach the right set of financial institutions for their requirements and getting the best deal in the quickest possible time while lowering the cost of customer acquisition for the financial institution. The digital access to finance is, and will continue to massively impact the SME sector that has been playing a vital role in the Indian economy for the past five decades.”
As the market and the dynamics are changing in favour of SMEs, they are not only getting ready access to finance but also have an option to choose the right product. Rubique is further emphasizing on revolutionizing the lending business by changing the way it works for SMEs in order to aid the entrepreneurial industry in a big way.