Digital lending platform Fibe has raised $90 million in a Series E funding round led by TR Capital, Trifecta and Amara Capital. Set up in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe is a lending company that gives personal and purpose-based loans in segments like education, healthcare, insurance financing, and school fees. The company also recently announced India’s first numberless co-branded credit card, as part of its strategy to offer a range of modern financial products to the new-age consumer.
Akshay Mehrotra, Co-founder & CEO, Fibe said, “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.”
The fintech plans to use the new funds to fuel its market outreach, develop more lending products, enhance its technological infrastructure, and deepen our impact across India. It also plans to fund innovation-led growth and increase its credit products and services. It expects to meet the requirements for digital loans and rapid cash disbursement that come with India’s digitally savvy population.
