Online marketplace for financial products Rubique is extending its assisted loans services to Small and Medium Enterprises for which the company has entered into agreements with Edelweiss Financial Services and Manappuram Finance.

Rubique will facilitate loans from these two non-banking financial companies against property, term loans, loans for commercial vehicle and equipment.

“This is the first time a start-up has digitalised the entire paperwork required to secure loans from various banks. Today, it takes about 45-60 days to get a collateralised loan, and now we are using technology to crunch it by nearly half,” said Manavjeet Singh, founder and CEO, Rubique.

For the banks, this will bring down the cost of customer acquisition, reduce turnover time and bring in new customers, Singh said.

The Mumbai-based company offers a range of financial products and services — such as personal, car, home and business loans — from about 60 banks and financial institutions through its website and app.

The company plans to raise about $10 million in a Pre-Series B round, to strengthen its technology and promotion activities.

Fund raising “We have a robust business and technology, which is resulting in a lot of investor interest in the company,” Singh said, declining to name the investors the company is in discussions with. It expects to close the funding in a “couple of months”.

Last year, the company had received $3 million in its first round of funding from Kalaari Capital, YourNest Angel Fund, Globvestor and Dexter Angel Circle.

Rubique, which launched its operations in October 2014, has disbursed about ₹443 crore till date, and is targeting ₹1,500 crore by March 2017. The firm, with revenues of about ₹8 crore so far, has submitted about 39,000 applications with financial institutions till date, he added.

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