Mumbai, July 03, 2018: Creating a paradigm shift towards a decisive future of paperless financing in India, Rubique Technologies, the leading online financial marketplace has today announced a partnership with Bangalore based Fintech start-up, Qbera, and offer instant decisioning and approval for personal loans through its platform. Rubique has integrated with Qbera’s platform through open APIs to provide seamless exchange of data and instant approval. The loan offers will be then communicated to the customer through SMS and email within 4 working hours of application which the customer can digitally accept and provide consent. While, Rubique will use its notification engine to inform the customer about its application progress in real time, Qbera will be leveraging its risk based pricing engine to open up its policies to target to employees working for over 7 lakh employers – a majority of which are largely underserved by existing banks & NBFCs. The integration will further assist new to bank customers, applicants without credit histories, as well as those with slightly lower than prime scores and low income bracket consumers with seamless digital loan processing.
Founded in the year 2014, Rubique Technologies is India’s largest online, advanced technology integrated matchmaking platform for Loans and Credit Cards, with more than 2,00,000 customers, and facilitating more than INR 3,000 cr loans and over 1,00,000 credit card setups till date. Creating a niche in the online consumer finance space, Rubique’s online platform is built on an AI-based recommendation engine, which has been integrated with financial institutions’ systems for real-time processing and provides instant online approvals to the customers. The platform has paperless-focused features that transform the loan approval and processing – through e-KYC, bank statement analysis, and real-time status tracking – into an optimized and efficient system taking up minimal time and greatly increasing accuracy. The platform has also been integrated with CIBIL where customer can check his/her credit score.
The other paperless-focused features that are integrated with platform are, credit bureau check, credit memo generation & MCA integration etc. These features further allow real time decision making on the application making it complete paperless process.
Speaking on the partnership, Manav Jeet, MD & CEO, Rubique said, “In an age where you can pay for your Kid’s school fees online without leaving your house; you still need to fill out paper forms to apply for a loan. As we transition into a cashless economy, banks, retailers and FIs need to adopt to newer technologies in order to keep up with this metamorphosis. Rubique being a marketplace platform enables customers to discover the right product as per their needs and eligibility and complete the entire digital loan journey end to end on its platform. Tie-ups with lenders like Qbera allows Rubique to expand the spectrum of customers it can cater to and serve customers who otherwise who would not get a loan in the traditional setup. Moreover, by deep integration, Rubique provides seamless and convenient experience to the customers.”
“We believe our partnership will go a long way in bolstering credit permeation in a market that has essentially been found wanting for access to instant, paperless and digital credit. Employees working for a vast majority of employers in India do not have access to unsecured loans – we aim to expand this relationship to service multiple segments and geographies in the coming months, “said Aditya Kumar, Founder & CEO, Qbera.com. Qbera’s easy eligibility parameters have enabled a massive segment of traditionally underserved customers to get much-needed access to instant credit. An enhanced credit penetration among the populace has proven to positively impact purchasing power, financial freedom, and economic growth.
Qbera is a leading Fintech company that offers paperless loans and is one of the industry pioneers in integrating an advanced system to effect super-quick and digital loan processing. The start-up offers paperless personal loans to individuals working for over 7 lakh employers, with incomes as low as 20,000 per month, as well as those with CIBIL scores of as low as 575.
About Rubique
Rubique was formed in November 2014, with a vision to fulfill every financial aspiration in the customer’s life cycle in the simplest, shortest and the speediest way through a wide range of loan, credit card and insurance products. Built on a proprietary AI based recommendation engine, Rubique’s marketplace platform has been integrated with financial institutions’ systems for real-time processing and providing online approvals to the customers. The advanced technology solution not only reduces the processing time significantly, but the data analytics done on multiple data points helps bring predictability and assess creditworthiness offering best deals to the customers.
Amid all the fintech firms operating in the country today, Rubique stands out as one of the few success stories driving India’s rapidly-growing digital financial services sector. Rubique has tied-up with over 90 financial institutions for over 300+ products & has already facilitated loan disbursement worth Rs. 3,000 crores, 100,000 credit card setups through its platform and generated revenue worth Rs. 55 crores.
Rubique recently, won The Asian Banker ‘Beijing Financial Innovation Showcase and Competition 2018’ in Beijing this year. Named as ‘The Most Promising Brand’ by The Economic Times and selected among the top 20 lending fintech players in India by the Financial Express’ Best Bank Awards Jury, Rubique has also garnered a lot of international recognition and accolades. The company was also selected by the Abu Dhabi Global Market (ADGM) to be a part of the first batch of its FinTech Regulatory Laboratory (RegLab) program. Rubique has also been featured in Lattice80’s top 50 fintech companies you need to know in India and IDC’s FinTech 101 list for Asia/Pacific & mentioned as one of the 10 fastest growing fintechs in India. These international recognitions not only prove that Rubique’s business model has been validated and but that it also has the potential to be replicated in other regions as well.
For more information, please visit the company’s website at https://www.rubique.com/
About Qbera
Qbera is an online lending platform providing fast, frictionless, and fair personal loans to professionals. Launched in February 2017, the company is headquartered in and operates out of Bangalore and provides lending services through an end-to-end digital platform, enabling transfer of funds to the borrower within 24 hours of receiving the online application.
Qbera was launched with the chief objective of addressing the growing need in the market for quick and convenient delivery of personal finance services. One of the company’s main areas of focus is providing loans to potential borrowers who are largely overlooked by banks and financial institutions. These borrowers make up a large segment of the population and include individuals with incomes less than Rs. 6 lakhs per annum, employees working for companies unlisted with banks, and people who are new to credit in addition to those who live in PGs or Bachelor accommodations. Qbera is committed to bring a change in the lending services market and offers a competent alternative to the antiquated approach to unsecured lending by banks and financial institutions that focuses only on segments which are extremely low-risk. The platform promises to provide access to credit for the common person, and make financial services more inclusive for those who are currently not served or underserved.