Consumer lending app EarlySalary has rebranded itself as 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 (fibe.in), launched an updated version of its app and also 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 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 and 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.
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 added, “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.”
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.”