Indian fintech company Fibe, previously known as EarlySalary, has secured a significant $35 million in its Series F funding round led by the International Finance Corporation (IFC), a member of the World Bank Group.
This investment marks a pivotal moment for the Pune-based lender, which focuses on providing accessible financial solutions to underserved middle-income households across India.
Fibe's Mission to Bridge Financial Gaps
Founded in 2015, Fibe has emerged as a key player in the fintech space by offering short-term personal loans and impact-linked financing for critical sectors like healthcare and education.
The company claims to have facilitated over 9 million loans to date, highlighting its extensive reach and impact on financial inclusion.
Strategic Use of New Capital
The newly raised funds are set to bolster Fibe’s balance sheet, enabling the company to expand its product suite and enhance its digital lending capabilities.
According to Akshay Mehrotra, Managing Director and Group CEO of Fibe, this capital will help deliver a unified experience across borrowing, saving, investing, and payments.
Historical Context of Fibe’s Growth
This Series F round comes 18 months after Fibe raised $90 million in its Series E funding, led by TR Capital, Trifecta Capital, and Amara Partners, bringing its total equity funding to over $266 million.
Additionally, its lending arm, EarlySalary, recently secured Rs 250 crore (approximately $26.5 million) through non-convertible debentures from investors, further strengthening its financial position.
Impact on Underserved Communities
The IFC’s investment aligns with its mission to promote responsible finance, particularly benefiting women and middle-income households who often lack access to affordable credit.
By focusing on essential personal expenses, Fibe aims to alleviate financial stress for millions, fostering economic stability at the grassroots level.
Future Prospects for Fibe and Fintech in India
Looking ahead, this funding positions Fibe to innovate further, potentially integrating advanced technologies to streamline lending processes and expand its footprint in untapped markets.
As India’s fintech sector continues to grow, Fibe’s partnership with IFC could set a precedent for impactful investments, driving sustainable financial inclusion nationwide.
Andrew Lee
