Fibe Secures $35 Million in Series F Funding

Consumer lending company Fibe has successfully raised $35 million in its Series F funding round, with the investment led by the International Finance Corporation, part of the World Bank Group. Overall, Fibe has accumulated over $266 million in equity, which includes secondary investments, and is endorsed by notable investors such as TPG’s The Rise Fund, Norwest Venture Partners, Eight Roads Ventures, TR Capital, Piramal Finance, and Chiratae Ventures. The company’s previous funding rounds include a $90 million Series E round in June 2024 and a $110 million Series D round in August 2022.

Recent Financial Developments at Fibe

The lending division, EarlySalary, recently secured Rs 250 crore (approximately $26.5 million) through non-convertible debentures (NCDs). This funding came from a number of investors, including AK Capital Finance, Franklin Templeton AIF, and Vivriti Alpha. Fibe announced that the new capital will be utilised to further expand its product offerings and ensure a seamless experience across borrowing, saving, investing, and payment options, all while maintaining a commitment to responsible credit and fostering positive socio-economic impacts.

Fibe’s Product Offerings and Market Reach

Co-founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe provides a diverse range of products, featuring personal loans, long-term loans, loans secured against mutual funds, digital fixed deposits, and impact-driven loans focused on sectors like healthcare, education, and solar rooftop solutions. Fibe claims to have facilitated more than 9 million loans, establishing itself as a key player in fintech, particularly within healthcare and education financing.

Expanding Footprint

The company has extended its reach to over 940 cities across India, enhancing accessibility through technology-driven strategies and expanding its lending portfolio with more than 8,500 partner locations and over 50 channel collaborations. The firm has yet to submit its financial figures for FY25. However, it reported a remarkable increase in consolidated revenue for the fiscal year ending March 2024, doubling to Rs 812 crore, up from Rs 392 crore in FY23. Additionally, Fibe’s profits saw a significant jump of 18 times, amounting to Rs 101 crore in FY24, compared to Rs 5.4 crore the previous year.