Fintech Fibe raises $90 mn

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TPG-backed online lending platform Fibe, formerly EarlySalary, has raised $90 million in a Series E round 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.

The company plans to deploy the new fund for business expansion, market outreach and curating tailor-made products across its loans portfolio.

Fibe’s parent, Social Worth Technologies Pvt Ltd, was valued at $350 million for its $110-million Series D round. The company counts TPG’s The Rise Fund, Norwest Venture Partners, Piramal Capital, Eight Roads Ventures, Chiratae Ventures, and Dewan Housing Finance as its investors.

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Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe offers cash loans, long-term personal loans, and ‘buy now pay later’ services through a digital process.

“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,” said Goyal, the company’s CFO.

In December, the company claimed to have 25 million users, with disbursals exceeding ₹20,000 crore across more than 6 million loan accounts. It recently launched India’s first numberless co-branded credit card and expanded its reach to 350 cities. 

Fibe competes with the likes of MoneyTap, KreditBee and Advance Salary, among others, in the Indian market.