Indian Fintech Fibe Secures US$90 Million in Series E Funding to Fuel Expansion

Indian Fintech Fibe Secures US$90 Million in Series E Funding to Fuel Expansion

by June 6, 2024

Fibe, an Indian consumer lending fintech formerly known as EarlySalary, has raised US$90 million in a Series E funding round.

The round was led by TR Capital, Trifecta Capital, and Amara Partners, with participation from TPG’s Rise Fund, Norwest Venture Partners, Eight Roads Ventures, and Chiratae Ventures.

According to a statement by Fibe, the new funds will be used to expand business operations, enhance market outreach, and develop tailored financial products.

Founded in 2015, Fibe has disbursed over 6 million loans totaling ₹20,000 crores to more than 25 million customers across 350 cities in India.

Akshay Mehrotra

Akshay Mehrotra

Akshay Mehrotra, Co-founder and CEO of Fibe said,

“With this new capital injection, we are poised to expand our reach, strengthen our technological infrastructure, and deepen our impact across India.”

Ashish Goyal

Ashish Goyal

Ashish Goyal, Co-founder and CFO of 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.”

 

 

Featured image credit: Edited from Freepik