Rupeek, an asset-backed digital lending platform, has disbursed gold-backed loans worth $1 billion in December 2021. The loan disbursals are said to have doubled in comparison with December 2020.

The fintech startup has also raised a $34 million funding round led by Lightbox along with the participation of some existing investors. Rupeek is the first asset-backed lending company to achieve this milestone in the fintech space, the company said in astatement.

The start-up wants to build technology-led gold monetisation infrastructure and it has also lined up products aimed at monetising India’s $2 trillion worth gold assets. Further, Rupeek plans to expand its lender partner network from 4 to over 10 in 2022 and its city footprint from over 35 to more than 120 cities.

“Rupeek aims to set the foundation for tech-led gold monetisation in the country through unique, industry-first innovations and further, unlock growth and credit for a billion Indians,” said Sumit Maniyar, Founder and CEO of Rupeek.

Being a digital lending platform, Rupeek is positioned to achieve its goals, through the integration with large banks and its position as a consumer-first, tech-led brand, that simplifies all things gold, Maniyar said in a statement.

Further, Prashant Mehta, Partner at Lightbox noted that the latest round of funding will be used to significantly scale and build India’s largest digital asset backed fintech platform.

“Sumit and the strong leadership team at Rupeek are at the forefront of product and technology innovation for gold-based digital financial products. Rupeek is targeting a massive $2 trillion opportunity, democratizing access to cheap capital and fueling India’s economy,” Mehta added.