Fibe Secures $35M from IFC to Boost Access to Affordable Credit

Non-bank lender Fibe raised $35 million from the International Finance Corporation to enhance its balance sheet and expand financial services. Founded in 2015, Fibe offers cash loans for urgent personal expenses. The funds will help strengthen responsible finance for underserved middle-income households, particularly benefiting women.

Fibe, a non-bank lender, has successfully raised $35 million in funds from the International Finance Corporation (IFC), a member of the World Bank group. Announced on Tuesday, this financial boost is part of Fibe's Series F round.

Established in 2015, Fibe has been providing cash loans to meet urgent personal expenses such as medical treatments and educational needs. The new funding aims to reinforce their balance sheet and improve access to affordable credit for underserved middle-income households.

The company, which has facilitated over 90 lakh loans and operates in 940 Indian cities, will use this capital to enhance their product offerings and ensure responsible credit delivery. IFC's investment will particularly aid underserved individuals and bolster Fibe's approach to responsible financing.

(With inputs from agencies.)