Rubique closes funding led by Recruit Group, Emery Capital

India-based Rubique, a loans, credit cards and insurance product comparison platform, has closed a new undisclosed round of funding.

The investment was led by Japan-based Recruit Group and Russia-based Emery Capital. Participation to the round also came from Blacksoil and existing investor Kalaari Capital.

The company is in the final stages of closing another investment which will be led by a ‘couple of marquee investors.’ The capital raised from the round will be put towards technology innovation to bridge India’s credit gap.

Founded in 2014, the company is an online comparison platform for loans, credit cards and insurance. Through the use of its blockchain, big data and AI technology, Rubique assess the creditworthiness of customers and shows them the ones they are eligible for. By using its matchmaking algorithm, it can increase consumer approval rates and speed up processes.

Consumers can compare loan policies for personal, home, car, education, vehicles, business and equipment among others. While the user can search for term, health, travel, motor and two wheeler insurance products.

Rubique recently closed 200,000 customers and has generated $7.2m of revenue since its launch, according to the company.

The capital raised will be used to further develop Rubique’s technological and analytical capabilities. Proceeds will also be used to expand its credit offerings to increase its reach to small and micro enterprises.

Emery Capital CEO Ivan Savelyev said, “Rubique’s unique business model and technology thinking has an impressive ability to hit the ground running to build a financially strong nation with easy access to credit to all sectors of the society – Businesses and Millennials.

“We believe that the deployment of technology to develop scalable and accessible financial services platforms, incorporating big data analytics and machine learning, will be critical to any lending business serving the underbanked and underserved customers in India.”

Last year, the company picked up a $3m Series B funding round from Kalaari Capital and Apis Partners managing partner Udayan Goyal.

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