With this new capital injection, the company plans to expand its reach, strengthen its technological infrastructure, and deepen its impact across India.
Fintech firm Fibe said on Wednesday it has raised $90 million in a funding round led by TR Capital, Trifecta Capital, and Amara Partners. Fibe's existing investors, TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures, and Chiratae Ventures, also participated in the funding round, including primary and secondary transactions.
Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe facilitates consumer finances like healthcare loans, edtech loans, insurance financing, and school fee financing, among others. The company claims that its main aim is to provide financial assistance with ease.
"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. With this new capital injection, we are poised to expand our reach, strengthen our technological infrastructure, and deepen our impact across India," Fibe co-founder and CEO Akshay Mehrotra said.
The company declared in December that it had 25 million users and that it had disbursed over ₹20,000 crore on behalf of over 6 million loan accounts. It recently extended its coverage to 350 locations and introduced the first co-branded credit card in India with no numerical number. The company competes with other apps such as MyShubhLife, LoanTap, SeedFi, RupeeRedee, PayMe India, and Credy.
"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," Fibe co-founder and CFO Ashish Goyal said.
Goyal added, “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.”
(With inputs from PTI)