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 from Fibe, the fresh funds will be used to expand business operations, strengthen market penetration and develop customized financial products.
Founded in 2015, Fibe has disbursed over 6 million loans totalling Rs 20,000 crore to over 25 million customers across 350 cities in India.
Akshay Mehrotra
Akshay Mehrotra, co-founder and CEO of Fibe, said:
“With this fresh capital infusion, we are poised to expand our footprint, strengthen our technology infrastructure and deepen our impact across India.”
Ashish Goyal
Ashish Goyal, co-founder and CFO at Fibe, added:
“Over the past few years, we have launched multiple lending solutions for healthcare, insurance and education, in addition to our flagship personal loan offering, to provide greater affordability to our customers. The fresh capital will be utilised to further strengthen Fibe’s existing product line.”
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