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The Weekly Wrap: all you need to know by Friday COB | June 7th

By Puja Sharma

June 07, 2024

  • Banking Loans
  • Deals of the Week
  • Fibe

The Weekly WrapThe Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements for Prime subscribers only.

The Big Story

Fibe, an India-based FinTech, has raised $90 million in a Series E round led by TR Capital, Trifecta Capital and Amara Partners.

Its existing investors, TPG Rise Fund, Norwest Venture Partners, Eight Roads Ventures and Chiratae Ventures, also participated in the round, which included both primary and secondary transactions.

Founded in 2015 by Akshay Mehrotra and Ashish Goyal, Fibe (then EarlySalary), the company is expanding in the consumer lending segment with its personal loan and impact loan portfolio, including categories like healthcare loans, EdTech loans, insurance financing, school fee financing, and more. With a hyper-focus on lending technology and risk management systems, Fibe has been able to offer lower credit costs to consumers. The brand also recently launched a numberless co-branded credit card.

Deals of the week

  • Forward secures $16m Seed Round led by Commerce Ventures, Elefund, and Fiserv
  • Scolaris Finance chooses Sopra Banking Software’s SBP Core Amplitude solution
  • Vistaar Finance raises $50m in Debt Financing from DFC
  • Nium raises $50m in Series E Round to expand real-time payments
  • iPiD secures $5.3m in Pre-Series A round to strengthen global payments
  • ORO Bank taps Finastra to offer SaaS core banking solution
  • iPiD secures $5.3m in Pre-Series A round to strengthen global payments
  • emerchantpay & TrueLayer partner for payments by bank transfer

Be on the lookout for

In 2024, Sibos will make its debut in Beijing, with China’s capital hosting the event for the first time.

From October 21 to 24, the China National Convention Centre will welcome thousands of participants to explore the theme ‘Connecting the Future of Finance.’ Expert speakers will engage in debates, and attendees can visit over 125 exhibitors from around the globe and participate in numerous networking events.

Beijing stands as a hub for a wide array of sectors, including finance, business, technology, science, education, research, culture, tourism, media, and sport. Home to many of China’s largest companies, Beijing boasts the highest number of Fortune Global 500 companies worldwide, as well as the world’s four largest financial institutions by total assets. The city attracts global talent and investment, playing a pivotal role in shaping the future of the global economy.

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