Fibe, an India-based Fintech firm, has raised $90 million in a Series E round led by TR Capital, Trifecta Capital and Amara Partners.

Its 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, Fibe said in a statement on Wednesday.

Moving beyond a typical financial solutions provider, Fibe said it is playing a pivotal role in fulfilling the aspirations of young India – the world’s largest workforce.

The company aims to make rapid strides in its impact lending segment and therefore will deploy the new fund for business expansion, market outreach and curate more tailor-made products across its impact loans portfolio.

“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,” said Akshay Mehrotra, Co-founder and Chief Executive Officer of Fibe.

“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,” he added.

Ashish Goyal, Co-founder and Chief Financial Officer of Fibe, added that over the last few years, the firm has launched multiple financing solutions for healthcare, insurance and education besides its 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,” he added.

Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe (then EarlySalary) is one of India’s leading consumer lending apps focused on young, aspirational, and tech-savvy Indian consumers.

The firm is building a financial ecosystem that enables the mid-income group to fulfil their aspirations.

It has launched a host of financial products like cash loans, long-term personal loans and buy now pay later plans.

It offers a 100 percent digital loan application process that takes just seconds to complete.

Fibe has grown multifold over the years and emerged as a market leader in providing financial assistance to young middle-income groups in India.

The firm is now a leader in the consumer lending segment with its personal loan and impact loan portfolio including categories like healthcare loans, edtech loans, insurance financing, school fee financing, and more.

With hyper focus on lending technology and risk management systems, the firm has been able to offer lower credit costs to consumers.

The brand also recently launched India’s first numberless co-branded credit card.

Its technology arm- Social Worth Technologies Pvt. Ltd. has partnered with Axis Bank to launch the Fibe Axis Bank Credit Card.

Fibe has positively transformed the lives of over 25 million customers, significantly expanding its presence from 18 to 350 cities.

The firm has disbursed more than 6 million loans worth 20,000 crores+ since inception.

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