Digital lending startup EarlySalary rebrands itself to Fibe

Digital lending startup EarlySalary rebrands itself to Fibe with a new brand identity, and plans to clock assets under management (AUM) of $2.5 billion over the next five years, the company said in an update to customers and its partners.

"The name fibe is a combination of finance and vibe that denotes our efforts in providing hassle-free finance experience, further integrating superior customer experience into the core of our business," the company said in the statement.

The company has disbursed around 3.6 million loans worth more than $1.1 billion.

"We started with a singular business offering financial assistance to help customers across affordable credit solutions…our aim is to service a diverse base of customers with products that create affordability," the firm said.

EarlySalary was founded in 2015 by Ashish Goyal and Mehrotra and provides instant loans to salaried individuals earning between Rs 1.5 lakh and Rs 5 lakh per annum. The company has offerings like buy now pay later (BNPL), Instant cash loans, instant salary advances, and skill upgrade loans.

In August 2022, the Pune-based company raised $110 million from TPG's Rise Fund and Norwest Venture Partners. EarlySalary's existing investor Piramal Capital & Housing Finance Ltd. also participated in the round. The round valued EarlySalary at around $300 million.

In February, the company acquired the health financing platform Healthfin to enter into the niche healthcare BNPL space. This allows consumers to convert their hospital bills into equated monthly instalments (EMIs) at the point of billing.

"With the recent funding, we will continue to innovate for the ever-evolving customer," the statement said.