DBT Bureau
Pune, 2 Sep 2024
Fibe has joined the ONDC Network to expand its credit services to underserved areas across the country, becoming one of the first fintech companies to be included in the Open Network’s financial services-credit category. Through this integration, Fibe will offer cash loans ranging from Rs 20,000 to Rs 5,00,000, targeting young salaried individuals at the last mile to support their financial aspirations. This strategic move simplifies the loan process by eliminating lengthy paperwork, allowing customers to secure a loan online in just 6-7 minutes. Fibe has upgraded its infrastructure to ensure a smooth and efficient experience for users seeking credit on the ONDC Network.
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 Rs 22,500 crore since inception.
