Fintech startup Rubique has raised a bridge round of $3 million. The round was participated by existing backers – Kalaari Capital and Udayan Goyal, managing partner at Apis Partners, a financial services-oriented private equity firm focussed on Africa and South Asia.
The funding was raised few months ago but the company did not disclose it due to internal reasons. According to the Economic Times report, the bridge round followed the company’s announcement mid last year that it plans to raise $10-15 million in a Series B round.
“We delayed our Series B since the company was already generating revenue and we didn’t need money for survival,” Manavjeet Singh, CEO at Rubique, told ET. “However, we will kick-start the process again since there is a huge inbound interest.“
Rubique is a marketplace based lending platform aimed at financing the needs of individuals as well as small and medium enterprises. The company had raised $3 million in Series A from Kalaari Capital, YourNest Angel Fund, Globevestor and Dexter Angel Circle in April last year.
According to Manavjeet, Rubique has been generating about Rs 2 crore revenue every month over the past six months without any expense towards marketing. As of now, the platform claims to disburse over Rs 1,300 crore worth of loans and has issued more than 30,000 credit cards through 65 financial institutions.
Built on a proprietary matchmaking algorithm, Rubique’s marketplace lending platform offers features like – real time processing and online approval by direct integration with financial institutions’ systems reducing the processing time significantly.
The company also offers white label solutions for banks where it builds technology for them. To amplify its reach in tier II and III cities, Rubique had recently launched interactive associate app in Hindi, Marathi and Bengali. Rubique competes with several players in fintech space including Finomena, Lendingkart, and Capital Float.
