CARE

Digital lending fintech EarlySalary is in the process of closing a $100 million financing round led by private equity fund TPG and Norwest Venture Partners. EarlySalary’s latest funding comes amid the Reserve Bank of India’s (RBI’s) new guidelines on digital lending that puts the focus back on regulated entities, giving fintechs with an active NBFC (non-banking financial company) licence an advantage.

EarlySalary eyes $100 million from TPG, Norwest

Fibe India's leading fintech, is pleased to announce that CARE Ratings has upgraded the long-term credit rating of EarlySalary Service Private Limited from BBB+ (Stable) to A- (Stable). This upgrade is a reflection of Fibe's solid financial performance, innovative approach to consumer lending, and strong risk management practices. The new rating is a testament to the company's continued focus on growth and Superior risk management and success in delivering credit solutions to its customers. Founded in 2015, Fibe (formerly EarlySalary) has established itself as a trusted name in consumer lending by offering an array of credit products such as personal loans, healthcare loans, edtech financing and so on. It specializes in using technology and analytics while making loan applications streamlined and expediting quick disbursal with minimal paperwork. Assuring responsible lending, the company has been able to increase its footprint in India. Millions of customers have been served with a positive impact on the financial lives of young, aspiring people in India.

Fibe's Long-Term Credit Rating Upgraded to A- (Stable) by CARE

Through this collaboration, Fibe's range of credit offerings will now be available on the CheQ platform, allowing users to discover and access credit solutions directly within the app. Fibe's products are designed for today's digitally savvy consumers, offering quick approvals, fully digital processing, and flexible repayment options to meet varied financial needs. As part of the partnership, CheQ customers will also benefit from real-time credit and loan solutions from Fibe, making credit more convenient and affordable. The collaboration reinforces both companies' commitment to improving financial wellness and promoting responsible credit behavior among young professionals. It will also enable enhanced customer engagement through real-time credit tracking, smart payment reminders, and curated financial offers.

Fibe, CheQ collaborate to expand credit access and ensure responsible credit behaviour

ESPL, with 7 years of operations and AUM of ₹4429 crore, has shown growth but its asset quality through cycles is yet unproven. Credit risk models are evolving.


Regulatory risks in digital lending are rising with evolving RBI guidelines, like increased risk weights and FLDG structure changes. As fintech grows, regulations may impact business models, and CARE Ratings will monitor these developments closely.



ESPL's GNPA improved to 2.67% in FY24 but rose to 3.20% by Q1FY25. Write-offs and credit costs remain high at 8.92%. Despite this, ESPL targets young salaried borrowers. CARE Ratings will monitor asset quality closely.



The issuer has made timely interest payments.

Akshay Mehrotra, Co-Founder & CEO

Vimal Saboo, CEO

As of June 30, 2024, ESPL's capital adequacy ratio was 28.07%, with gearing at 1.99x (standalone) and 0.91x (consolidated). SWTPL, its parent, raised ₹547 crore in May 2024 and infused ₹852 crore into ESPL, ensuring continued growth and capital strength.



ESPL's AUM grew from ₹1,963 crore (March 2023) to ₹4,429 crore (June 2024), driven by its branchless, tech-enabled underwriting model via the Fibe app. With minimal manual intervention, the company serves a digitally savvy, young borrower base across 30+ states. The company's ability to maintain loan quality remains a key focus.



Fibe was co-founded by Akshay Mehrotra (CEO) and Ashish Goyal (CFO), both with 20+ years in retail and finance. Akshay handles product strategy, while Ashish oversees finance and risk. Vimal Saboo, CXO, specializes in credit and policy formulation.


Security Name: 11.75% EarlySalary Services Private Limited 26 Dec 2025

ISIN: INE01YL07235

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