Fibe Raises $35M from IFC

Mumbai, Dec 9 (PTI) Non-bank lender Fibe on Tuesday announced a USD 35 million fund raise from World Bank group member International Finance Corporation.

The fundraise, as part of the Series F round, will strengthen the balance sheet and is an effort to increase access to affordable credit for the underserved middle-income households, as per an official statement.

The 2015-founded company is into offering cash loans to borrowers for meeting urgent personal expenses, including medical treatments and education.

It has raised USD 266 million in equity finance till now, including in secondary rounds, and counts on TPG's The Rise Fund, Norwest Venture Partners, Eight Roads Ventures, TR Capital, Piramal Finance Limited, and Chiratae Ventures, among its backers.

"This capital (from IFC) 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," the company's managing director, Akshay Mehrotra, said.

It has facilitated over 90 lakh loans till date and is now present in 940 Indian cities, the statement said.

"IFC's equity investment will both expand responsible financing for underserved individuals, especially women, and strengthen Fibe's responsible finance approach. This support will help families manage healthcare needs, invest in education, and build financial resilience," Imad N Fakhoury, IFC Regional Division Director for South Asia, said.