You can soon use this PhonePe-rival to make UPI payments
What's the story
Fibe, a TPG-backed fintech company, is gearing up to launch its own Unified Payments Interface (UPI) services app in the next three months.
The announcement comes from Akshay Mehrotra, the co-founder and CEO of Fibe.
The move comes as new players like Super.Money and Navi enter the space and established giants like PhonePe and Google Pay continue to rule.
Infrastructure strength
Robust backend ecosystem fuels expansion plans
Mehrotra emphasized the company's robust backend ecosystem as a major contributor to its massive scale.
"We power nearly 8-10 other LSPs (loan service providers) in the market," he said.
The company has already got a nod from the National Payments Corporation of India (NPCI) and is hoping to launch a UPI payment feature within three months of final license approval.
Growth trajectory
Impressive user base and funding
Since its inception in 2015, Fibe has gained nearly two million monthly active users on its platform.
The company provides both short- and long-term personal loans across sectors like health, edtech, as well as insurance financing.
In its latest $90 million funding round led by Hong Kong-based TR Capital, Trifecta Capital and Amara Partners, Fibe was valued at over $600 million.
Product expansion
Fibe's plans for new lending products
Fibe is also looking to launch two secured lending products soon.
The first one is a mass-market loan against mutual funds, starting at ₹15,000.
The second is a residential rooftop solar loan that will enable households to install solar panels with net metering, available with a 36-month zero-cost EMI option.