HomeBusiness NewsCompanies NewsFibe secures $90 million in Series E funding to expand impact lending portfolio
Fibe secures $90 million in Series E funding to expand impact lending portfolio
Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe’s personal loan and impact loan portfolio today offer healthcare and edtech loans, insurance financing, school fee financing, and more.
Consumer lending app, Fibe (previously EarlySalary), has raised $90 million in Series E funding. The round was led by TR Capital, Trifecta Capital, and Amara Partners. 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’s personal loan and impact loan portfolio today offer healthcare and edtech loans, insurance financing, school fee financing, and more.
With a focus on lending technology and risk management systems, Fibe claims it has been able to offer lower credit costs to consumers and has a host of financial products like Cash Loans, long-term Personal Loans, and Buy Now Pay Later plans.
Also read: Poshn secures $6 million in pre-Series A round to expand its business
The fintech also claims it is building a financial ecosystem that enables the mid-income group to fulfill their aspirations. Fibe’s technology arm, Social Worth Technologies, recently partnered with Axis Bank to launch the Fibe Axis Bank Credit Card.
Aiming to make rapid strides in its impact lending segment, Fibe will deploy the new fund for business expansion, market outreach, and for curating 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.”
Having disbursed more than 6 million loans worth ₹20,000 crore+ since inception, Fibe claims it has impacted over 25 million customers and has a presence in 350 cities in India.
Also read: Agnikul Cosmos successfully launches Agnibaan rocket after previous four attempts called off
Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe’s personal loan and impact loan portfolio today offer healthcare and edtech loans, insurance financing, school fee financing, and more.
With a focus on lending technology and risk management systems, Fibe claims it has been able to offer lower credit costs to consumers and has a host of financial products like Cash Loans, long-term Personal Loans, and Buy Now Pay Later plans.
Also read: Poshn secures $6 million in pre-Series A round to expand its business
The fintech also claims it is building a financial ecosystem that enables the mid-income group to fulfill their aspirations. Fibe’s technology arm, Social Worth Technologies, recently partnered with Axis Bank to launch the Fibe Axis Bank Credit Card.
Aiming to make rapid strides in its impact lending segment, Fibe will deploy the new fund for business expansion, market outreach, and for curating 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.”
Having disbursed more than 6 million loans worth ₹20,000 crore+ since inception, Fibe claims it has impacted over 25 million customers and has a presence in 350 cities in India.
Also read: Agnikul Cosmos successfully launches Agnibaan rocket after previous four attempts called off
(Edited by : Swapnil Deshpande)
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