June 5, 2024: Fibe, a one-stop financial solution company (formerly EarlySalary) has secured $90 million in a funding round for the expansion and growth of the company digital lending platform.
Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe offers personal loan and impact loan in categories like healthcare loans, edtech loans, insurance financing, and school fee financing, among others. The brand also recently launched India’s first numberless co-branded credit card.
“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. With this new capital injection, we are poised to expand our reach, strengthen our technological infrastructure, and deepen our impact across India,” Fibe co-founder and CEO Akshay Mehrotra said.
Fibe disbursed more than 6 million loans
The consumer lending apps platform claims to have disbursed more than 6 million loans worth Rs 20,000 crore.
“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 co-founder and CFO Ashish Goyal stated.
The digital lending firm had raised $110 million in its Series D round led by TPG’s The Rise Fund and Norwest Venture Partners in August last year. The consumer lending firm has raised more than $200 million to date.
Fibe has grown its operating revenue by 2.3X in the fiscal year ending March 2023 and its profit grew over 9X in the same period. According to startup data intelligence platform TheKredible, its operating collection stood at Rs 414 crore in FY23. Meanwhile, the firm’s profit spiked to Rs 36 crore.
The latest round of funding by the lending platform was led by TR Capital, Trifecta Capital and Amara Partners. The digital lending apps firm’s existing investors TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures and Chiratae Ventures also participated in the funding round, including primary and secondary transactions.
