Fintech
Fibe raises $90 million in Series E round
~ 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 fundraising ~
~The round also includes the primary and secondary transactions~
MUMBAI, India, June 6, 2024 /PRNewswire/ — Fiber, India’s leading fintech company, has raised $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.
Left-Right, Akshay Mehrotra and Ashish Goyal, co-founders of Fibe
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 portfolio of personal loans and impact loans which includes categories like healthcare loans, edtech loans, insurance financing , tuition funding and more. With a 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.
Going beyond the typical financial solutions provider, Fibe is playing a vital role in meeting the aspirations of young India, the world’s largest workforce. The company aims to make rapid inroads into the impact lending segment and will therefore use the new fund for business expansion, market awareness and curation of more tailored products in its impact lending portfolio.
Commenting on the fundraiser, Akshay Mehrotra, co-founder and CEO of Fibe, said: “The infusion of new capital not only fuels our growth but also highlights our commitment to empowering India’s youth on their journey towards realizing their dreams. At Fibe, we believe in promoting a responsible lending and borrowing culture , thus ensuring that every opportunity we offer aligns with the aspirations and financial well-being of our borrowers. With this new capital injection, we are ready to expand our reach, strengthen our technology infrastructure and deepen our impact across the globe. 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 and CFO, Fibe, added: “Over the past few years, we have launched multiple financing solutions for healthcare, insurance and education in addition to our core offering of personal loans to ensure convenience for customers. The new funds will be used to further strengthen 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 footprint from 18 to 350 cities. Its mission to provide reliable credit solutions to Bharat has empowered countless people. Since inception it has disbursed more than 6 million loans worth over ₹20,000 crore.
About Fiber
Fibe (formerly EarlySalary) is a leading consumer lending app in India focused on young, ambitious and tech-savvy Indian consumers. It is building a financial ecosystem that enables the middle-income group to fulfill their aspirations. It has launched a number of financial products such as 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 Axis Bank Fibe Credit Card.
Fibe has grown tremendously over the years and has emerged as a market leader in providing financial assistance to young middle-income groups in India. Fibe has obtained ISO/IEC 2001 certification for its Information Security Management System (ISMS). Today, Fibe has access to debt facilities to major PSUs and private banks, NBFCs and large NDCs. The company has already disbursed more than 6 million loans worth Rs. 20,000 Cr+.
● Winner of the G20 Digital Innovation Alliance – Best Startup in Fintech
● Winner of the BFSI Leadership Award at the 5th NBFC100 Tech Summit
● Winner of Bharat Fintech Summit Fintech Company of the Year
● Digital Responsibility Award for HealthTech Accessibility – IAMAI
Photo: https://mma.prnewswire.com/media/2431987/Co_founders_Fibe.jpg
Logo: https://mma.prnewswire.com/media/2431986/Fibe_Logo.jpg