Recruit has co-led a $15m to $20m round for financial services marketplace Rubique with Emery Capital.

India-based online lending marketplace Rubique Technologies has received $15m to $20m in funding in a round co-led by human resources group Recruit, the Economic Times reported yesterday.

Recruit co-led the round with venture capital firm Emery Capital, investing alongside boutique advisory firm Blacksoil Group and VC firm Kalaari Capital. Rubique is reportedly holding talks with two other institutional investors, one of which is based in China.

Rubique runs a financial services marketplace that scans products from its partners to give the user a breakdown of suitable loans or credit cards. It compares both consumer and business products, deploying an algorithm to yield results according to each user’s preferences.

The funding will be used to hire more data scientists as Rubique looks to upgrade its technology. It hopes to be generating a monthly turnover of Rs 120m ($1.8m) by September 2018 and is planning to launch comparison services for insurance and mutual funds.

The company raised $3m in a June 2017 bridge round backed by Kalaari and private investor Udayan Goyal, after a $3m Kalaari-led series A round in 2015 featuring YourNest Angel Fund, Globevestor and Dexter Angel Circle, according to the Hindu Business Line.

Manav Jeet, Rubique’s CEO, said: “Having these global investors on board, who have also invested in similar business models, will be a very big value addition. They are connecting us to these similar companies and we have the opportunity to learn from them.”