New Delhi, Dec. 9 -- Fintech platform Fibe has raised $35 million (Rs 314 crore) from the International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group, in its Series F round.
VCCircle had reported in June that the company was in advanced talks to raise Rs 300 crore from the IFC.
"This capital will help us enhance our product suite further and deliver a unified experience across borrowing, saving, investing, and payments, while remaining focused on responsible credit and positive socio-economic outcomes," said Akshay Mehrotra, managing director and group chief executive officer of Fibe, in a press note.
Founded in 2015 by Mehrotra and Ashish Goyal, Fibe (formerly EarlySalary) has raised over $266 million in equity, including secondaries. It is backed by investors such as TPG's The Rise Fund, Norwest Venture Partners, Eight Roads Ventures, TR Capital, Piramal Finance Ltd, and Chiratae Ventures.
Owned by Pune-based Social Worth Technologies, Fibe offers personal loans and impact-oriented products such as healthcare, education, insurance and school-fee financing.
In June 2024, Fibe closed a $90 million round led by TR Capital, Amara Partners, and Trifecta Capital.
It ended FY24 with assets under management of around Rs 4,000 crore, up from Rs 1,963 crore in FY23.
Published by HT Digital Content Services with permission from VC Circle.