Fibe to offer credit access to last-mile consumers on the ONDC Network
Salaried individuals can avail cash loans from INR 20,000 to INR 5,00,000
MUMBAI, India, Sept. 2, 2024 /PRNewswire/ — Fibe, India’s leading fintech, has integrated onto the ONDC Network to extend credit services to the underserved parts of the country. It has become one of the first fintechs to be onboarded on the Open Network’s financial services-credit category.
Fibe will offer cash loans ranging from INR 20,000 to INR 5,00,000 and help provide credit access to young salaried individuals at the last mile to fulfil their aspirations. This strategic decision will eliminate the lengthy paperwork process, allowing customers to avail a loan within just 6-7 minutes of applying for it online on the platform. Fibe has enhanced its infrastructure to ensure a seamless experience for customers on the ONDC Network seeking credit.
Akshay Mehrotra, Cofounder & CEO of Fibe, said, “We are proud to join the ONDC Network in its mission to drive financial inclusion in the country by catering to populations in the underserved markets. We are looking forward to leveraging the widespread reach of the Open Network to extend our offerings to every consumer in the hinterlands as well. We remain dedicated to empowering the youth, especially the salaried class, in their journey to fulfilling their aspirations. This initiative aligns well with our mission. Together with ONDC Network, we will continue to foster an ecosystem wherein every person has the necessary tools and support to thrive financially, thereby deepening our impact across the country.”
“We have recently launched financial services on the ONDC Network, and it is encouraging to see the expansion of these services with Fibe joining us,” said T Koshy, MD & CEO, ONDC. “This step enhances our efforts to democratize access to financial services, providing quick and seamless credit availability for consumers across the country, including those in remote and underserved areas. We are working towards simplifying the borrowing experience, driving financial inclusion and empowering every individual economically.”
Fibe has positively transformed the lives of over 25 million customers, significantly expanding its presence from 18 to 350 cities. Its mission to provide reliable credit solutions to Bharat has empowered countless individuals. It has disbursed more than 6.5 million loans worth over INR 22,500 crore since inception.
About ONDC:
Incorporated on 31st December 2021, Open Network for Digital Commerce (ONDC), a Section 8 company, is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India, to create a facilitative model that revolutionizes digital commerce, giving greater thrust to penetration of retail e-commerce in India. ONDC is not an application, platform, intermediary, or software but a set of specifications designed to foster open, unbundled, and interoperable Open Networks.
For further information, visit ONDC | Open Network for Digital Commerce
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. It has launched a host of financial products like Cash Loans, long-term Personal Loans and Buy Now Pay Later plans. It offers a 100% digital loan application process that takes just seconds to complete. Its technology arm – Social Worth Technologies Pvt. Ltd. has partnered with Axis Bank to launch the Fibe Axis Bank Credit Card.
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 BBB+ 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 PSUs & Private Banks, Large Notable NBFCs and NDCs. The company has already disbursed more than 6.5 million+ loans worth Rs. 22,500 Cr+.
- Winner of BW Festival of Fintech Lending Platform of the Year (Gold) and Fintech Brand of the Year (Silver)
- Featured in Economic Times Best Brand Award at the Best Brands Conclave 2022
- Winner of the BFSI Leadership Award at the 5th NBFC100 Tech Summit
- Winner of Young Indians Delhi Youth Conclave Award
- Dream Company to Work for in Fintech by HRM Asia Pacific Congress
- Winner of G20 Digital Innovation Alliance – Best Startup in Fintech
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