NEWS PROVIDED BYFibe
06 Jun, 2024, 14:09 IST
~ New Investors leading the round include TR Capital, Trifecta Capital and Amara Partners ~
~ Existing investors TPG Rise Fund, Norwest Ventures Partners, Eight Roads Ventures and Chiratae Ventures also participated in the fundraise ~
~Round also includes both Primary and Secondary transaction~
MUMBAI, India, June 6, 2024 /PRNewswire/ — Fibe, India’s leading Fintech, has raised USD 90 million in a Series E round led by TR Capital, Trifecta Capital and Amara Partners. Its existing investors TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures and Chiratae Ventures also participated in the round which included both primary and secondary transactions.
Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe (then EarlySalary), the company is now a leader in the consumer lending segment with its personal loan and impact loan portfolio including categories like healthcare loans, edtech loans, insurance financing, school fee financing, and more. With hyper focus on lending technology and risk management systems, Fibe has been able to offer lower credit costs to consumers. The brand also recently launched India’s first numberless co-branded credit card.
Moving beyond a typical financial solutions provider, Fibe is playing a pivotal role in fulfilling the aspirations of young India – the world’s largest workforce. The company aims to make rapid strides in its impact lending segment and therefore will deploy the new fund for business expansion, market outreach and curate more tailor-made products across its impact loans portfolio.
Commenting on the fund raise, Akshay Mehrotra, Co-founder & CEO, Fibe said, “The infusion of new capital not only fuels our growth but also highlights our dedication to empowering India’s youth on their journey towards fulfilling their dreams. At Fibe, we believe in fostering a culture of responsible lending and borrowing, thereby ensuring that every opportunity we provide aligns with our borrowers’ aspirations and financial well-being. With this new capital injection, we are poised to expand our reach, strengthen our technological infrastructure, and deepen our impact across India. Together, we continue to pave the way for a future where every individual has the tools and support they need to thrive financially.”
Ashish Goyal, Co-founder & CFO, Fibe added, “Over the last few years, we have launched multiple financing solutions for healthcare, insurance and education besides our core personal loan offering to provide affordability to customers. The fresh funds will be deployed to further strengthen the existing product lines at Fibe. We remain committed to our journey towards sustainable expansion and are committed to meeting the evolving needs of our customers.”
Fibe has positively transformed the lives of over 25 million customers, significantly expanding its presence from 18 to 350 cities. Its mission to provide reliable credit solutions to Bharat has empowered countless individuals. It has disbursed more than 6 million loans worth ₹20,000 crores+ since inception.
About Fibe
Fibe (previously EarlySalary) is one of India’s leading consumer lending apps focused on young, aspirational, and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group to fulfil their aspirations. It has launched a host of financial products like Cash Loans, long-term Personal Loans and Buy Now Pay Later plans. It offers a 100% digital loan application process that takes just seconds to complete. Its technology arm – Social Worth Technologies Pvt. Ltd. has partnered with Axis Bank to launch the Fibe Axis Bank Credit Card.
Fibe has grown multifold over the years and emerged as a market leader in providing financial assistance to young middle-income groups in India. Fibe has been certified with ISO/IEC 2001 for its Information Security Management System (ISMS). Today, Fibe has access to debt lines to leading PSUs & Private Banks, Large Notable NBFCs and NDCs. The company has already disbursed more than 6 million+ loans worth Rs. 20,000 Cr+.
● Winner of G20 Digital Innovation Alliance – Best Startup in Fintech
● Winner of the BFSI Leadership Award at the 5th NBFC100 Tech Summit
● Winner of Fintech Company of the Year Bharat Fintech Summit
● Digital Responsibility Award for HealthTech Accessibility – IAMAI
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