Furthermore, a number of Fibe's current sponsors, including Chiratae Ventures, TPG Rise Fund, Norwest Venture Partners, and Eight Roads Ventures, backed the funding round.

Since its founding in 2015, Fibe has introduced a range of financing options for the insurance, healthcare, and education sectors in addition to its primary personal loan offering.

Since its founding, Fibe claims to have disbursed more than six million loans.

In an effort to broaden its credit options, the business also unveiled the Fibe Axis Bank Credit Card, "India's first numberless co-branded credit card," in collaboration with Axis Bank.

According to co-founder and CEO Akshay Mehrotra, the fintech intends to utilize the additional funding to expand its market outreach, create more loan products, upgrade its technology infrastructure, and "deepen our impact across India."

The additional funds supplement the $110 million that the Pune-based company raised during its 2022 Series D financing round.