Rupeek Fintech, a digital-focused gold lender backed by Sequoia and Accel, said on June 2 that it would offer gold loans at 0.49% interest per month, making it the lowest rate. lowest ever offered by a company in the country.
Bengaluru-based Rupeek started operations in 2015, offering the entire service at the customer’s doorstep – from collecting gold to assaying and disbursing money at the borrower’s doorstep and the return of promised gold to the same location on maturity.
The company said the launch of the lowest interest campaign ever at 0.49% further strengthens the case for making gold loans a preferred option for consumers when it comes to benefiting from an asset-backed secured loan.
Launching the campaign, Shalabh Atray, Senior Vice President, Marketing and Digital, said, “Our new interest rate offer of 0.49% per month is in line with Rupeek’s plan to provide customers with a easy access to secure credit and help them achieve their ambitious goals.”
“As India continues to search for better options to avail credit, Rupeek’s flagship technology-backed gold loan has been a resounding success and we will continue to offer our standard consumer experience in all cities. “, he added.
The company not only offers longer-term gold loans, allowing customers to manage their cash intelligently, but also offers flexible interest repayment of monthly, bi-monthly, quarterly and semi-annual options depending on the needs of the individuals.
Rupeek is the first company to digitize the entire process of obtaining secured credit against gold holdings, allowing users to get instant credit from the comfort of their own home, he said.
Recently, Rupeek raised $34 million in funding, valuing it at $634 million, led by Lightbox. Its existing investors include Sequoia, Accel, Vostok Emerging Finance, Bertelsmann, GGV Capital and HighSage Ventures, which have collectively invested $100 million, bringing the total to $134 million.
Rupeek is also working to capitalize on the government-backed gold monetization campaign, which has the potential to monetize up to $2 trillion in gold assets in the country.
(Edited by : Shoma Bhattacharjee)
First post: STI