Rubique, a leading marketplace lending platform for individuals and SMBs, has entered into a strategic partnership with OptaCredit an Artificial Intelligence-powered, data-driven online lending platform focused on providing unsecured credit to salaried professionals across India. With its Online PLUS technology led model and proprietary matchmaking algorithm, Rubique will enlist the company on its online marketplace for applicants to avail viable loan products from OptaCredit’s offerings.
Headquartered in Chennai, OptaCredit, offers unsecured Loans to Salaried Employees, ranging from Rs. 20,000 to Rs. 5,00,000. The loan tenure can be up to 36 months, which is totally flexible and can be chosen based on the borrower’s level of comfort.
Commenting on the partnership, Mr. Manav Jeet, Managing Director & CEO, Rubique said, “Even with several traditional lending platforms present today, salaried employees still find it difficult to get loans. The brackets and eligibility criteria are confusing. Empowered by internet and smartphones, millennials today want to conduct financial transactions the same way they would share pictures or apply for a job. Hence, they are in a constant search for financial solutions in an asset-light fashion. Partnering with a fintech product like OptaCredit complements our business model and vision to provide easy & quick access finance to the borrowers through advanced technology.”
There has been a constant and growing need for credit solutions in the upwardly mobile salaried segment for acquiring assets or for personal consumption. With this partnership, Rubique’s large customer base will now have timely and easy credit access providing them the benefits of Instantaneous Decision-making with Same-day Sanction facilities. OptaCredit offers loans at the flat (effective) interest rates from 8.8% to 15.8% p.a (dependent on borrower profile.
“We are committed to being a partner in the long-term financial health of our customers and in also being a contributor to the community by improving the lives of our customers by aligning our interests with those of our customers. Growing needs of underserved customers combined with increasing digital penetration have resulted in rapidly increasing credit demand and our partnership with Rubique helps us to achieve our aim of democratizing credit. Our Lending Responsibly initiative helps us to be confident that what our customers receive, is optimum for their circumstances, i.e, we seek to lend only what our customers can afford to repay.” said S. Kumar Srivatsan, Founder & CEO, OptaCredit.
OptaCredit had secured an initial $ 4 Mn Credit facility from DMI Finance recently, which would go towards supporting its current financial offerings to help salaried customers across India to get access to timely and transformational credit.
Rubique’s technology integrations with OptaCredit’s products align perfectly towards making digital loans available.
In its persistent effort to simplify complex financing processes, reduce the rejection rates among new age borrowers and SMEs in India, and roll out easily accessible financial services to them, Rubique has been disrupting the traditional lending process by digitizing the financial sector in diverse ways. The advanced technologies used in the platform analyses hundreds of data points to assess the creditworthiness of customers and provide them with the offers they are eligible for.
Since inception, Rubique has facilitated disbursal of more than 2258 Cr worth of loans, 65,000 credit cards and has been catering to the financial needs of over 1,00,000 customers.
About Rubique:
Rubique was formed in October 2014, with a vision to create the largest online marketplace lending platform in India that empowers individuals & SMBs with easy and smooth access to finance through a wide range of loan, credit card and insurance products. Built on a proprietary matchmaking algorithm, 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.
About OptaCredit:
OptaCredit, an Alternative-lending Fintech startup, launched operations in 2017, deploys machine-learning algorithms to crunch various data points to glean inputs to assess the creditworthiness of applicants untouched by formal credit. OptaCredit was founded by S.Kumar Srivatsan, S.Kumar Srikanthan (Indian School of Business) and Sriram Chandramouli, who has worked across Royal Bank of Scotland, Ernst & Young, KPMG, ICRA etc. Unlike most fintech companies, OptaCredit has a hybrid approach, wherein as part of its core strategy to scale, it retains a certain % of loan assets generated via its platform, on its balance sheet as it has a lending license. It was a deliberate plan to prove to external investors that OptaCredit and the team were thoroughly invested in the idea, and willing to take the risk states Kumar. On track to lend over 100 Crores by the end of 2018, OptaCredit will leverage such partnerships to continue its expansion of providing timely access to credit and expand to more geographies.
