Fintech startup Fibe raises $35 million from IFC in series F round

Fintech lender Fibe, backed by TPG, has secured $35 million from the International Finance Corporation (IFC) as part of its series F funding. With the capital, the startup aims to improve access to affordable credit for underserved middle-income households in India, it said on Tuesday.

ET had reported about this deal being in the works in August this year.

Formerly known as EarlySalary, the NBFC offers cash loans to meet personal expenses and impact-linked financing for medical treatments and education. In a statement, the startup said it has facilitated more than 9 million loans to date, and continues to scale thanks to disciplined credit governance and a purpose-driven approach to financial inclusion.

Akshay Mehrotra, managing director, Fibe said, “Over the years, we have built a diversified base of lending partners, a resilient risk engine, credible credit ratings, and a distribution network that strengthens our reach across India.’’ He added that the new capital will also help improve Fibe’s product suite and deliver a unified experience across borrowing, saving, investing, and payments.

Founded in 2015, Fibe has transitioned from a consumer lending platform to a full-stack financial services company. It has raised over $266 million in equity, and is backed by marquee investors such as TPG’s The Rise Fund, Norwest Venture Partners, Eight Roads Ventures, TR Capital, Piramal Finance, and Chiratae Ventures. The startup has also done secondaries, and claims it has remained profitable for four consecutive years.

Over the last year, Fibe says it has expanded to more than 940 cities offering personal and long-term loans, loans against mutual funds, digital fixed deposits, and financing for healthcare, education, and solar rooftop installations.