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Binny Bansal, GGV Capital lead $60 million funding in Rupeek, says report

Binny Bansal, GGV Capital lead $60 million funding in Rupeek, says report

Binny Bansal, GGV Capital lead $60 million funding in Rupeek, says report
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By CNBC-TV18 Feb 26, 2020 12:24:13 PM IST (Published)

Rupeek offers gold loans at the customer’s doorstep and completes the loan underwriting-to-disbursal process within 30 minutes.

Rupeek Fintech Pvt. Ltd, which operates an online marketplace for gold loans, has raised $60 million across two rounds, according to a Mint report. The new investors include Flipkart co-founder Binny Bansal and GGV Capital, a backer of China’s Alibaba and Didi Chuxing, besides Tanglin Venture Partners and KB Investments, the report added. Existing investors, Sequoia and Accel also participated in the rounds, it said.

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Rupeek offers gold loans at the customer’s doorstep and completes the loan underwriting-to-disbursal process within 30 minutes. By cutting down on expenses with an online-only strategy, Rupeek offers gold loans at an interest of 0.89 percent per month.
It currently processes loans worth $28 million every month, Mint quoted CEO Sumit Maniyar as saying over the phone. “We will use the funds to invest in technology—to integrate more with lenders—where we talk to their core banking solution, and digitise the transaction from end to end with checks and balances."
The technology will also help onboard customers, as well as create a data layer and help ascertain credit scores for customers better, the report added quoting Maniyar.
While Rupeek has a non-banking financial company (NBFC) licence, it primarily lends through its banking partners and not from its own book. “We lend from our book only when we want to experiment—try out a new market or product, and don’t want to expose partner banks immediately," Mint report quoted Maniyar as saying.
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