One-click solution to streamline safe and secure payouts and loan disbursements in India’s lending market projected at US$3 trillion
Singapore and Bangalore, 5 February 2018 – MatchMove India today announced its partnership with Rubique, India’s leading marketplace for financial services, to transform the current way of paying and disbursing funds to multiple recipients. Rubique’s platform provides a wide range of loan products and end-to-end loan fulfilments to individuals and Small and Medium Enterprises (or SMEs) through its wide network of retailers and distributors.
The globally proven MatchMove Bank Wallet Operating System enables Rubique to pay commissions, incentives and cashbacks to its retailers and distributors securely with just one click. MatchMove’s platform also helps Rubique in reducing business costs and better managing and tracking the performance of its resale channels. A streamlined payout disbursement process means that these business associates are now able to track their finances. For Rubique, the new process also translates into improved work efficiency and productivity.
On the whole, MatchMove’s disbursement solution is therefore ideal and critical for Rubique as it prepares to grow exponentially and become the largest online marketplace for financial products. India’s lending market is expected to be valued at US$3 trillion by 2026 and this presents a huge opportunity for Rubique.
To date, Rubique has processed approximately 100,000 applications, disbursed US$345 million worth of loans and signed up about 65,000 cards across 80 financial institutions. Rubique’s business has seen a fourfold increase year-on-year and it plans to increase its footprint from 27 to 100 cities next year.
Mr Manav Jeet, Managing Director & CEO of Rubique said, “India’s economy is quickly evolving towards the digital platform. The new wave of fintech companies not only question the traditional business practices but it is also the key driving force in changing the current landscape. Rubique being a leading fintech player would like to adopt and implement digital practices across all our functions and processes. Keeping this in mind, we have chosen to collaborate with MatchMove to ease our payment process to our key channel partners who are our business associates. Our cashless payout processes are now seamlessly integrated and this is a vital benefit in supporting the working capital of these budding entrepreneurs.”
Mr Kumar Srinivasan, CEO of MatchMove India and Global Head of Product and Technology, said: “The addition of Rubique to our proprietary platform is a testament of our capabilities in using technologies to solve yet another real-world problem in payments as we continue to disrupt and wage war on cash. While MatchMove has already proven how the unbanked and uncarded population is able to shop online and pay digitally, this collaboration with Rubique demonstrates how we are able to cut the complexities in bulk payments to become a quick and simple one for businesses. Our unique Spend, Send, Lend™ continues to prove itself its value in the market.”
About Rubique
Fintech company Rubique demystifies complex financing processes and empowers individuals & SME by providing an easy and smooth access to finance through a wide range of credit cards and loan products thereby, making finance simple for them.
Rubique understands that getting a loan is the first step towards realizing a lifelong dream. We assist our customers in getting there by mining all possibilities to provide an all-inclusive solution to their financial requirements.
Built on a proprietary matchmaking algorithm, Rubique’s marketplace lending platform offers breakthrough features like real-time processing and online approval by direct integration with financial institutions’ systems reducing the processing time significantly. Data analytics performed on hundreds of data points on Rubique’s platform assess the creditworthiness of the customers (loan origination qualification) bringing predictability by giving them eligible offers to choose from. Rubique offers the best of both worlds – a marketplace for the customer to get choices(eligible) + an end to end fulfilment support just like any lender.
Founded in Oct 2014, Fintech company Rubique aims to become the most trusted and personalized financial services marketplace for individuals and SMEs.
For more information, please visit www.rubique.com