Fibe Crosses Rs 10,000 Cr In Loan Disbursals, Eyes Rs 20,000 Cr AUM By 2025

India’s largest consumer lending app, Fibe, formerly called EarlySalary, has disbursed four million loans worth Rs 10,000 crore to date. The firm aims to achieve assets under management (AUM) of over Rs 20,000 crore ($2.5 billion) by 2025.

As it marked its seventh anniversary on Wednesday, Fibe launched its 3.0 app version featuring a conversational user interface (UI), besides personalised and cross-selling capabilities. With the upgraded app, the brand aims to offer a simplified and immersive experience to new and existing users.

“Today, our app has started getting 1 million new customers a month,” Fibe Co-founder and CEO Akshay Mehrotra told Business Standard. “We are able to approve 90,000 of those customers and get almost 60 per cent of them to borrow from us. With repeats, we are able to disburse 150,000 loans a month.”

The platform, he added, was clocking nearly Rs 600 crore of monthly disbursements and was able to generate nearly Rs 60 crore in revenue per month.

“Our main goal is to provide our audience with access to financial services at ease,” said Fibe’s Co-founder and Chief Financial Officer Ashish Goyal. “Our new app features will offer our customers faster loan application processes, better engagement and financial learning,”

The firm had raised $110 million in series D funding in August last year led by TPG’s The Rise Fund and Norwest Venture Partners, at a $300 million valuation.

Mehrotra said the company was sufficiently funded for now and had no plans to raise funding anytime soon. “We have not burnt any of our capital and we are profitable,” he said.

“Our first aim is to figure out how to double our AUM every year,” he added. “We are targeting Rs 1,000 crore a month in loan disbursements. We are also looking to onboard two million active customers within the next two years.”

The firm has also announced a carnival (Carnival of Upgrades), which it says would be the biggest gamified platform in the fintech space and would include prizes such as the iPhone, Alexa and so on. The idea is to familiarise consumers with the new features and with Fibe’s lending services and products.

After entering the affordability segment through the launch of its buy now, pay later service, Fibe has forayed into multiple verticals across edtech, healthtech, shopping and lifestyle.