Latest news with #AkshayMehrotra
Business Standard
4 days ago
- Business
- Business Standard
Fibe Unveils Digital FDs, Strengthening Its Role as a One-Stop Financial Partner
PRNewswire Mumbai (Maharashtra) [India], June 3: Fibe, one of India's leading digital lending platforms, has forayed into the investment space with the launch of its next-generation Digital Fixed Deposit (FD) offering. Designed with enhanced convenience and accessibility, this product will allow individuals to open fixed deposit accounts through Fibe's app. Customers can book an FD from the bank or NBFC of their choosing without the need for having a savings account in the same bank. Enables investments without a linked savings account, with options from top banks and NBFCs. Offers up to 9.1% interest and smart features like FD laddering, early access, and seamless switching. Fibe's newest offering aggregates options from multiple partner banks and NBFCs, allowing financially-savvy individuals to easily compare interest rates and choose an option tailored to their financial goals. It will provide them with high-yield deposit options, with interest rates of up to 9.1% for senior citizens--all via the Fibe app. Besides, the digital FD will offer customizable tenures from one to five years with investments as low as INR 1,000. This product offering comes after the Fibe's Millennial Upgrade Index study indicated that 39% millennials aim to achieve long-term goals such as home ownership and entrepreneurship through savings, while 26% prefer to save before making major purchases - signifying that millennials are increasingly prioritizing disciplined saving and long-term planning. Fixed deposits remain a trusted investment, especially amid market volatility. A Digital FD provides a secure and accessible solution tailored to both short- and long-term financial objectives, demonstrating Fibe's commitment to empowering the next generation of investors. This announcement also earmarks the company's first strategic step toward evolving into a comprehensive financial services platform. Its entry into the investment space signifies a pivotal milestone in this journey, with plans to introduce a broader suite of offerings in the coming years. Akshay Mehrotra, Cofounder & CEO, Fibe, said, "The launch of our Digital Fixed Deposit addresses the evolving needs of the tech-savvy generation by modernizing a traditional investment instrument--making it more accessible, flexible, and aligned with contemporary financial goals. This initiative reflects our long-term vision of shaping the financial journeys of individuals during various stages of their life, especially India's young, digitally connected population." To enhance user experience and maximize returns, Fibe's digital FD comes with a range of smart features: * Dashboard: Allows users to monitor all their fixed deposits and accumulated interests in one consolidated view. * Break FD: Allows users to access funds before maturity without compromising returns. * FD Laddering: Helps maintain a balanced portfolio by investing across multiple tenures, optimizing both liquidity and earnings. The platform supports quick digital KYC, requires no existing bank account, and offers added benefits like DICGC-insured deposits up to Rs5 lakhs for 5 years with special tax-saving options under Section 80C. About Fibe Fibe is one of India's leading consumer lending apps focused on young, aspirational, and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group and the underserved segments to fulfil their financial aspirations. Fibe offers a range of financial products, including cash loans, long-term personal Loans, and Impact loans for sectors like healthcare and education, making affordability more accessible. Fibe offers instant approvals and quick disbursals. Fibe's Tech Arm Social Worth Technologies Private Limited has partnered with Axis Bank to offer a secure, numberless credit card ensuring a seamless user experience. Fibe has grown multifold over the years and emerged as a market leader in providing financial assistance to young middle-income and underserved groups in India. Due to its scalable business model, Fibe has recently been upgraded to A- by CARE Ratings and has access to debt lines from leading banks, NBFCs and wholesale debt markets. It has been certified with ISO/IEC 27001 for its Information Security Management System (ISMS). Fibe has disbursed more than 8 million+ loans worth Rs. 33,000 Cr+ since inception through its lending partners. The company has tied up with more than 8,000 partners to expand its impact and the app has recorded over 34 million all-time downloads. * Winner of BW Festival of Fintech Lending Platform of the Year (Gold) and Fintech Brand of the Year (Silver) * ET Healthcare Awards 2024 - Excellence in Affordable Healthcare Financing * Entrepreneur 2024 Founder Of The Year & Best Innovation in Financial Services * Winner of G20 Digital Innovation Alliance - Best Startup in Fintech Logo:
Mint
26-05-2025
- Business
- Mint
TPG-backed lending fintech firm Fibe gears up to join UPI services race
TPG-backed Fibe is gearing up to launch its own UPI (Unified Payment Interface) services app within the next three months, according to a top executive of the lending fintech firm. The move comes amid a wave of new entrants in the space, including and Navi, even as established players like PhonePe and Google Pay maintain their stranglehold over the market. Also Read: Using GPay, Paytm? 5 UPI payments safety tips and tricks. Read here 'We power nearly 8-10 other LSPs (loan service providers) in the market," Akshay Mehrotra, co-founder and CEO of Fibe. 'We've built a strong backend ecosystem, which is why our scale is so significant. Since we deeply understand lending and monetization, the idea is to explore doing one or two things directly in the payments space, starting with UPI." Mehrotra added that the company has received preliminary approval from NPCI, and will roll out a UPI payment feature after receiving the final license expected in the next three months. The National Payments Corporation of India (NPCI), an organization established by the Reserve Bank of India (RBI) and Indian banks to facilitate digital payment services in the country, issues UPI licences. Also Read: UPI transactions to get faster with lower response time from June 16 Prashanth Ramdas, partner at Khaitan & Co., an expert in fintech and financial regulatory laws, said a growing number of existing and new-age players have received the Third-Party Application Provider (TPAP) licence, for companies to operate within the UPI ecosystem in India. 'Today, we have over 37 registered players, and the numbers have been growing over the past few years. From NPCI's standpoint, the intent hasn't been to limit access to the UPI ecosystem," said Ramdas. 'But at the same time, it does evaluate the potential customer base and business use case for awarding the licence." Positive about Fibe Fibe has close to 2 million monthly active users on its platform. Founded in 2015 by Mehrotra and Ashish Goyal, it offers both short- and long-term personal loans across segments like health, edtech and insurance financing, among others. In the last funding round, a $90 million round with participation from Hong Kong-based TR Capital, Trifecta Capital and Amara Partners, Fibe was valued at over $600 million. The company entered Buy Now, Pay Later (BNPL) products in the education and healthcare categories last year. The category now accounts for about 15% of the total revenue and will grow to 25-30% this year. Also Read: Buy Now, Pay Later: How BNPL influences your credit score For future incremental revenue, the company also plans to introduce two secured lending products. The first is a mass-market loan against mutual funds, starting at ₹15,000. The second is a residential rooftop solar loan, enabling households to install solar panels with net metering, offered with a 36-month zero-cost EMI option. To be sure, RBI has cracked down on Indian lending fintechs, especially those operating in the unsecured category. In November 2023, RBI directed banks and NBFCs to provision more capital against unsecured loans and moderate their exposure to riskier retail segments. RBI measures Hit by the crackdown, fintech lenders spent most of 2024 cleaning up their books, cutting back on risky loan portfolios, and pivoting toward co-lending and secured loan products like home loans. Mehrotra added that while the company is entering the secured lending space, it will primarily continue to focus on unsecured products, leveraging AI to enhance their security without the need for collateral. As for its initial public offering (IPO), the company is in wait-and-watch mode. 'I'd say we need to be prepared for an IPO, but unlike some of our peers, we're not under pressure to list early," Mehrotra said. 'For us, the next 24 months will be about staying IPO-ready. If the market is favourable, we'll consider it—but we're not in a rush." This comes as several mid-sized fintech firms—particularly those with valuations under $1 billion—are preparing to go public, despite volatile markets and mixed investor sentiment. As Mint reported over the past two months, firms such as Moneyview, KreditBee, Kissht, and Turtlemint are also in various stages of tapping the public markets.
Business Upturn
05-05-2025
- Business
- Business Upturn
Fibe, CheQ collaborate to expand credit access and ensure responsible credit behaviour
MUMBAI, India , May 5, 2025 /PRNewswire/ — Fibe India's leading fintech, Fibe (formerly EarlySalary), has announced a strategic partnership with CheQ, a fast-growing credit management and bill payments platform. This partnership aims to expand access to flexible credit solutions for borrowers. Through this collaboration, Fibe's range of credit offerings will now be available on the CheQ platform, allowing users to discover and access credit solutions directly within the app. Fibe's products are designed for today's digitally savvy consumers, offering quick approvals, fully digital processing, and flexible repayment options to meet varied financial needs. As part of the partnership, CheQ customers will also benefit from real-time credit and loan solutions from Fibe, making credit more convenient and affordable. The collaboration reinforces both companies' commitment to improving financial wellness and promoting responsible credit behavior among young professionals. It will also enable enhanced customer engagement through real-time credit tracking, smart payment reminders, and curated financial offers. Akshay Mehrotra , Co-Founder and CEO of Fibe, said, 'At Fibe, our focus has always been on creating a simple, transparent, and flexible borrowing experience. Through this partnership with CheQ, we are expanding the accessibility of our credit solutions and offering customers greater control over how they manage their financial needs. We believe this collaboration will help first-time borrowers take confident steps towards building a strong financial future.' 'At CheQ, we are committed to simplifying how India engages with credit. Our partnership with Fibe strengthens this mission by offering users easy access to credit solutions and seamless repayment options within the CheQ app. Together, we aim to empower borrowers with greater financial flexibility and help them build a strong credit profile early in their financial journey,' said Aditya Soni , CEO & Founder of CheQ. About Fibe Fibe is one of India's leading consumer lending apps focused on young, aspirational, and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group and the underserved segments to fulfil their financial aspirations. Fibe offers a range of financial products, including cash loans, long-term personal Loans, and Impact loans for sectors like healthcare and education, making affordability more accessible. Fibe offers instant approvals and quick disbursals. Fibe's Tech Arm Social Worth Technologies Private Limited has partnered with Axis Bank to offer a secure, numberless credit card ensuring seamless user experience. Fibe has grown multifold over the years and emerged as a market leader in providing financial assistance to young middle-income and underserved groups in India . Due to its scalable business model, Fibe has recently been upgraded to A- by CARE Ratings and has access to debt lines from leading banks, NBFCs and wholesale debt markets. It has been certified with ISO/IEC 27001 for its Information Security Management System (ISMS). Fibe has disbursed more than 7 million+ loans worth Rs. 26,000 Cr+ since inception through its lending partners. Winner of BW Festival of Fintech Lending Platform of the Year (Gold) and Fintech Brand of the Year (Silver) ET Healthcare Awards 2024 – Excellence in Affordable Healthcare Financing Entrepreneur 2024 Founder Of The Year & Best Innovation in Financial Services Winner of G20 Digital Innovation Alliance – Best Startup in Fintech About CheQ Launched in 2022, CheQ has quickly emerged as India's leading 360-degree credit management platform, redefining how millions of Indians manage and pay their credit card bills. In just a short span, CheQ has built a thriving community of over 3.5 million users and has facilitated over ₹5 billion in transactions to date. What sets CheQ apart is its full-stack offering. In addition to the most rewarding credit card bill payments, CheQ offers a suite of services designed to simplify and enhance credit management: CheQ Wisor – India's first AI-powered assistant for credit card queries first AI-powered assistant for credit card queries Utility Bill Payments – Users can seamlessly pay their electricity, water, FASTag and mobile recharge bills while redeeming CheQ Chips for instant cash discounts. CheQ Instant Cash – Seamless access to personal loans Loan Against Mutual Funds – Instant liquidity without the need for liquidation Credit Dashboard – Real-time insights into your credit health CheQ Wallet – Smart digital wallet designed to help you get more out of your credit card. Insurance & Cyber Protection – Integrated coverage against credit and UPI frauds. With a strong focus on user experience and smart credit enablement, CheQ is empowering users across India to take control of their credit with more rewards, less hassle and smarter features every day. Logo: View original content: Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Business Upturn takes no editorial responsibility for the same.
Malaysian Reserve
05-05-2025
- Business
- Malaysian Reserve
Fibe, CheQ collaborate to expand credit access and ensure responsible credit behaviour
MUMBAI, India, May 5, 2025 /PRNewswire/ — Fibe India's leading fintech, Fibe (formerly EarlySalary), has announced a strategic partnership with CheQ, a fast-growing credit management and bill payments platform. This partnership aims to expand access to flexible credit solutions for borrowers. Through this collaboration, Fibe's range of credit offerings will now be available on the CheQ platform, allowing users to discover and access credit solutions directly within the app. Fibe's products are designed for today's digitally savvy consumers, offering quick approvals, fully digital processing, and flexible repayment options to meet varied financial needs. As part of the partnership, CheQ customers will also benefit from real-time credit and loan solutions from Fibe, making credit more convenient and affordable. The collaboration reinforces both companies' commitment to improving financial wellness and promoting responsible credit behavior among young professionals. It will also enable enhanced customer engagement through real-time credit tracking, smart payment reminders, and curated financial offers. Akshay Mehrotra, Co-Founder and CEO of Fibe, said, 'At Fibe, our focus has always been on creating a simple, transparent, and flexible borrowing experience. Through this partnership with CheQ, we are expanding the accessibility of our credit solutions and offering customers greater control over how they manage their financial needs. We believe this collaboration will help first-time borrowers take confident steps towards building a strong financial future.' 'At CheQ, we are committed to simplifying how India engages with credit. Our partnership with Fibe strengthens this mission by offering users easy access to credit solutions and seamless repayment options within the CheQ app. Together, we aim to empower borrowers with greater financial flexibility and help them build a strong credit profile early in their financial journey,' said Aditya Soni, CEO & Founder of CheQ. About Fibe Fibe is one of India's leading consumer lending apps focused on young, aspirational, and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group and the underserved segments to fulfil their financial aspirations. Fibe offers a range of financial products, including cash loans, long-term personal Loans, and Impact loans for sectors like healthcare and education, making affordability more accessible. Fibe offers instant approvals and quick disbursals. Fibe's Tech Arm Social Worth Technologies Private Limited has partnered with Axis Bank to offer a secure, numberless credit card ensuring seamless user experience. Fibe has grown multifold over the years and emerged as a market leader in providing financial assistance to young middle-income and underserved groups in India. Due to its scalable business model, Fibe has recently been upgraded to A- by CARE Ratings and has access to debt lines from leading banks, NBFCs and wholesale debt markets. It has been certified with ISO/IEC 27001 for its Information Security Management System (ISMS). Fibe has disbursed more than 7 million+ loans worth Rs. 26,000 Cr+ since inception through its lending partners. Winner of BW Festival of Fintech Lending Platform of the Year (Gold) and Fintech Brand of the Year (Silver) ET Healthcare Awards 2024 – Excellence in Affordable Healthcare Financing Entrepreneur 2024 Founder Of The Year & Best Innovation in Financial Services Winner of G20 Digital Innovation Alliance – Best Startup in Fintech About CheQ Launched in 2022, CheQ has quickly emerged as India's leading 360-degree credit management platform, redefining how millions of Indians manage and pay their credit card bills. In just a short span, CheQ has built a thriving community of over 3.5 million users and has facilitated over ₹5 billion in transactions to date. What sets CheQ apart is its full-stack offering. In addition to the most rewarding credit card bill payments, CheQ offers a suite of services designed to simplify and enhance credit management: CheQ Wisor – India's first AI-powered assistant for credit card queries Utility Bill Payments – Users can seamlessly pay their electricity, water, FASTag and mobile recharge bills while redeeming CheQ Chips for instant cash discounts. CheQ Instant Cash – Seamless access to personal loans Loan Against Mutual Funds – Instant liquidity without the need for liquidation Credit Dashboard – Real-time insights into your credit health CheQ Wallet – Smart digital wallet designed to help you get more out of your credit card. Insurance & Cyber Protection – Integrated coverage against credit and UPI frauds. With a strong focus on user experience and smart credit enablement, CheQ is empowering users across India to take control of their credit with more rewards, less hassle and smarter features every day. Logo: View original content:
Mint
23-04-2025
- Business
- Mint
Mirae Asset joins hands with Fibe to offer personal loans to salaried persons
Mirae Asset Financial Services (MAFS) has joined hands with Fibe to expand credit access to last mile consumers. This strategic partnership is set to empower salaried individuals, especially the middle-income group, with quick access to personal loans through a digital process. Fibe's partnership with MAFS is likely to strengthen its presence across India, expanding credit access to a wider customer base at competitive interest rates. As part of the partnership, salaried individuals will be able to avail personal loans upto ₹ 5,00,000 for a tenure of upto 36 months. Fibe co-founder & CEO, Akshay Mehrotra said, 'The partnership with MAFS will unlock greater potential in co-lending, thus expanding our reach to more customers, further reinforcing our commitment to drive financial inclusion across the country. This also aligns well with the evolving borrowing habits of salaried individuals, especially the youth, with the majority of them shifting towards app-based financial solutions. Together, we will leverage each other's robust network and tech expertise to deepen our impact across India.' This partnership aims to ensure that borrowers get a good borrowing experience and help them fulfil their financial requirements. Krishna Kanhaiya, CEO of Mirae Asset Financial Services said, "This partnership enables us to connect with a vast base of retail borrowers and offer them hassle-free financial solutions.." Mirae Asset Financial Services forayed into the personal loan segment and aims to build a portfolio while providing borrowers with a lending experience. Fibe is one of leading consumer lending apps focused on young, aspirational, and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group and the underserved segments to fulfil their financial aspirations. Fibe offers a range of financial products, including cash loans, long-term personal Loans, and Impact loans for sectors like healthcare and education, making affordability more accessible. Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit. First Published: 23 Apr 2025, 02:10 PM IST
