Pune-based fintech startup Fibe, earlier known as EarlySalary, has raised USD 90 million in a Series E round funding. TR Capital, Trifecta Capital, and Amara Partners led the round.
The funding round also saw the participation of its existing investors TPG Rise Fund, Norwest Venture Partners, Eight Road Ventures, and Chiratae Ventures.
With the new funding the company, founded in 2015 by Akshay Mehrotra and Ashish Goyal, will focus on market expansion, invest in strengthening its technological infrastructure, and product diversification.
“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 responsible lending and borrowing culture, ensuring that every opportunity we provide aligns with our borrowers’ aspirations and financial well-being,” says Akshay Mehrotra, co-founder and CEO, Fibe.
“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,” says Ashish Goyal, CFO, Fibe.