TR Capital, Trifecta Capital, and Amara Partners led a $90 million Series E investment for Fibe, an Indian Fintech company.
Fibe stated in a statement on Wednesday that both primary and secondary transactions were included in the round, which also included participation from its current backers TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures, and Chiratae Ventures.
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It claimed to be more than just a standard provider of financial solutions, adding that it is essential to achieving the goals of the youth of India, which has the greatest workforce in the world.
With the goal of quickly growing its impact lending business, the company will use the new money to expand its operations, access new markets, and add more specialised products to its portfolio of impact loans.
“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,” said Akshay Mehrotra, Co-founder and Chief Executive Officer of Fibe.
It (formerly EarlySalary), founded in 2015 by Akshay Mehrotra and Ashish Goyal, is a major consumer loan app for young, aspiring, tech-savvy Indians.
The company is creating a financial ecosystem for mid-income people to succeed. It offers cash loans, long-term personal loans, and buy now pay later options. Its 100% online loan application takes seconds.
Fibe has developed exponentially and become a market leader in financial aid for young middle-income Indians. Our personal loan and impact loan portfolio includes healthcare loans, edtech loans, insurance financing, school fee financing, and more, making us a consumer lending leader.
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Hyper focus on lending technology and risk management systems has helped the firm cut consumer credit costs. Recently, the brand created India’s first numberless co-branded credit card. Social Worth Technologies Pvt. Ltd. launched the Fibe Axis Bank Credit Card with Axis Bank. Fibe expanded from 18 to 350 cities and improved the lives of 25 million users.
About Fibe
Fibe is a recently established FinTech startup located in Pune. They vow to bring about changes in the nation’s lending practices.
