Indians stockpile more gold than citizens of any other country, and their hoard is seven times the amount of gold mined globally in 2018. Rupeek Fintech keeps transactions with customers discreet by coming to their home to pick up jewelry and heirlooms that they can borrow against.
Indians stockpile more of the precious metal than citizens of any other country, and their hoard is seven times the amount of gold mined globally in 2018. Now, Bangalore-based Rupeek is giving the centuries-old business of gold lending an internet-aided makeover to help Indians cash in on the 25,000 tons of the metal the World Gold Council estimates they’ve stashed away. Backed by two of Silicon Valley’s most powerful venture capital firms, Sequoia Capital and Accel, the startup allows people to borrow money against their hoard, often built up from wedding gifts or inherited from their families.