Market place lending firm Rubique has signed a Memorandum of Understanding (MoU) with the state government to be a part of its Andhra Pradesh’s Fintech Valley Initiative and is also foraying into the state with its first branch in Visakhapatnam.

Andhra Pradesh government is promoting Visakhapatnam as Fintech hub focusing on converging finance and technology, to create large avenues of growth through industry-enablers, world-class infrastructure, entrepreneurship and innovation.

By collaborating with the Andhra Pradesh government, Rubique will accelerate its journey in digitizing the Andhra Pradesh financial sector by bringing in much needed technology in traditional practices of lending through its unique proprietary platform called as Online PLUS model.

The platform has been integrated with financial institutions’ systems for real time processing and for providing online approvals to the customer.

“Andhra Pradesh is becoming one of the pioneers of the digital revolution in India and we are quite excited to be a part of this upcoming ‘Fintech Valley’ of the country,” said Manav Jeet, MD & CEO of Rubique.

“Through our expansion in the state, we are hoping to witness nearly fivefold increase in the number of aspiring entrepreneurs and individuals who would be willing to take the digital route of raising finance to fulfill their business goals,” Jeet added.

Rubique is currently operational in 27 cities and has disbursed Rs 2000 crore since starting operations. The company has adopted a paperless-focused feature through e-KYC, ranking analysis, and real-time status tracking.