Rubique Technologies, an India-based online financial matchmaking platform, has raised an undisclosed amount of funding led by Japan’s Recruit Group and Russian venture capital management company Emery Capital.

The funding round also saw participation from India’s Blacksoil Group and existing investor Kalaari Capital.

The funds will be used to strengthen Rubique’s technological and analytics capabilities. The company also aims to expand its credit product offerings to deepen its reach to small enterprises and reach out to underserved micro enterprises.

Rubique was formed in November 2014, with a vision to fulfil every financial aspiration in the customer’s lifecycle in a simple and speedy manner through a range of loan, credit card and insurance products. Built on an Artificial Intelligence-based recommendation engine, its marketplace platform has been integrated with financial institutions’ systems for real-time processing and providing online approvals to the customers.

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The company claims that its solution not only reduces the processing time, but the data analytics done on multiple data points helps bring predictability and assess creditworthiness.

The firm has tied up with over 90 financial institutions for over 260 products and claims to have facilitated loan disbursement worth INR 2,670 crore (US$400 million), 82,000 credit card setups through its platform and generated revenue worth INR 47 crore (US$7 million).

The advanced technologies such as blockchain, Big Data and AI used by Rubique analyses multiple data points to assess the creditworthiness of the customers and provide them the offers they are eligible for, thereby removing the manual efforts in the loan processing system. The company has recently built a data science team, which leverages the customer data and bank credit policies to build a proprietary AI-based matchmaking and ranking algorithm that provides a customised list to each consumer based on his/her needs and profile. This offers advantages in terms of higher approval rates, better customer satisfaction and improved sourcing to its financial partners.

Founded in 1960, the Recruit creates and provides platforms that connect companies and consumers. Headquartered in Tokyo, the group offers a range of services in a variety of areas, including human resources, education, housing and real estate, bridal, travel, automobiles, dining and beauty. The group has more than 45,000 employees and operates in more than 60 countries.