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Source: cision | Published on: Monday, 30 September 2024
With CARE's Upgrade from BBB+ to A-, Fibe continues to focus on Enhanced Access to Affordable Credit Solutions for India
MUMBAI, India , Sept. 30, 2024 -- Fibe, India's leading fintech, is pleased to announce that CARE Ratings has upgraded long-term credit rating of EarlySalary Service Private Limited from BBB+ (Stable) to A- (Stable). This upgrade is a reflection of Fibe's solid financial performance, innovative approach to consumer lending, and strong risk management practices. The new rating is a testament to the company's continued focus on growth and Superior risk management and success in delivering credit solutions to its customers.
Founded in 2015, Fibe (formerly EarlySalary) has established itself as a trusted name in consumer lending by offering an array of credit products such as personal loans, healthcare loans, edtech financing and so on. It specializes in using technology and analytics while making loan applications streamlined and expediting quick disbursal with minimal paperwork. Assuring responsible lending, the company has been able to increase its footprint in India. Millions of customers have been served with a positive impact on the financial lives of young, aspiring people in India.
Ashish Goyal, Co-founder & CFO at Fibe, said, "This rating upgrade reflects our sturdy business model and continued focus on risk-first approach towards business. We remain devoted to leveraging technology to expand our portfolio and create responsible opportunities for young India. This milestone only strengthens our resolve to drive financial inclusion across the country."
Riddhi Shah, VP and Head of Treasury at Fibe, added, "The upgrade from BBB+ to A- reflects our disciplined financial management and strong business model. This significant improvement in our credit rating will allow us to optimize our Financing Cost, diversify our borrowing base, open up new avenues of capital and provide more tailored financial products for our diverse customer base. We are excited to continue growing our portfolio with a focus on innovation and customer-centric solutions."
Over the years, Fibe has made significant progress in expanding its reach. The company recently has integrated onto the ONDC Network to extend credit services to the underserved parts of the country. It helps provide credit access to young salaried individuals.
About Fibe:
Fibe (previously EarlySalary) 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 to fulfil their aspirations. It is an industry leader in the salary advance segment with the fastest processing time. Fibe offers a range of financial products, including Cash Loans, long-term Personal Loans, and Buy Now Pay Later options for sectors like healthcare and education, making affordability more accessible. It offers a 100% digital loan application process that takes just seconds to complete. Fibe has partnered with Axis Bank to offer a secure, numberless credit card for a streamlined user experience.
Fibe has grown multifold over the years and emerged as a market leader in providing financial assistance to young middle-income groups in India. Due to its highly scalable business model, Fibe recently has been upgraded to A- by CARE Ratings and has been certified with ISO/IEC 2001 for its Information Security Management System (ISMS). Today, Fibe has access to debt lines to leading Banks, Large NBFCs and NCDs. The company has already disbursed more than 7 million+ loans worth Rs. 26,000 Cr+.
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