Positions Fibe as a brand for every financial need of the young aspirational Indian
Intends to expand its customer base to include a diverse customer base.
Pune, India, 29th September 2022: India’s largest consumer lending app EarlySalary is now Fibe. The new name captures the company’s aim of providing a range of hassle-free and affordable solutions to become the go-to financial ecosystem for every need of young aspirational Indians.
As part of the rebranding, the company has migrated to a new website (https://www.fibe.in), launched an updated version of its app and revealed its new logo.
The company started in 2016 with a core focus on meeting the needs of young Indians by providing them easy access to credit, catering exclusively to young salaried individuals. Over the years, the company created a series of products such as short-term cash loans and long-term personal loans of tenures ranging from 3-24 months. In the last 18 months, the brand further forayed into the affordability segment by launching Buy Now Pay Later (BNPL) facilities across Edtech, Healthtech, Shopping and Lifestyle. As a result, the company’s target audience has also evolved to include a more diverse customer base.
The company has expanded its presence from 18 cities to 150 cities and increased its customer base from 35,000 new customers per month to 1 lakh new customers per month. The vision of the company is to service, offering a wide range of products to a wider segment of consumer persona across expanded geolocations.
The name Fibe is a confluence of ‘Finance +vibe’ that denotes the brand’s efforts to provide a hassle-free financing experience. It believes that the name change further integrates a superior customer experience as the centerpiece of its business model.
Fibe (previously EarlySalary) aims to fortify its presence by achieving an AUM of $2.5 billion over the next 5 years. It had also raised $110 million in series D funding that was led by TPG’s The Rise Fund & Norwest Venture Partners in August.
With an accelerated growth vision, Fibe (previously EarlySalary) aims to expand operations across verticals to build a large presence in its product lines. It targets to build a larger network of BNPL partners. It further intends to expand its presence in tier III and tier IV cities.
Commenting on the rebranding, Mr. Akshay Mehrotra, Co-founder and CEO, Fibe said, “EarlySalary as a brand name worked well for us when we started with our Salary Advance business. Over the years, we have launched a suite of financial products ranging from Instant Cash Loans as well as BNPL facilities across Edtech, Healthcare and Consumer tech. Furthermore, we’ve also evolved to serve a more diverse customer base. Hence, the change in brand positioning was pertinent.” He further added that, “Fibe will focus on multi-channel and multi-vertical customer acquisition. The new branding backed by technology is bound to create ease of access and thereby creating a frictionless experience for availing of financial services. For the same, we have also created a new website called Fibe.in. ”
Commenting further, Mr. Ashish Goyal, Co-founder and CFO, Fibe said, “The rebranding reflects our broader vision of growing our services and customer segment. EarlySalary as a brand name has built positively in the minds of our consumers and Fibe shall continue to resonate the same going forward. The new name aptly describes our ethos to provide services that create positive vibes.”