Fibe, previously known as EarlySalary, which is the largest app for consumer lending in India, has provided loans amounting to Rs 10,000 crore to four million borrowers till now. The company has set a target to increase its assets under management (AUM) to more than Rs 20,000 crore ($2.5 billion) by the year 2025.

Fibe, the consumer lending app in India, celebrated its seventh anniversary on Wednesday by launching its latest version, Fibe 3.0, which has been enhanced with a conversational user interface (UI) and personalized and cross-selling capabilities. The updated app has been designed with the objective of providing an easy-to-use and immersive experience for both new and existing users.

The conversational UI feature enables users to interact with the app through a messaging interface, making it more user-friendly and convenient. This feature also allows the app to understand the user’s requirements better, which in turn helps to offer more personalized solutions.

The personalized and cross-selling capabilities are expected to enhance the app’s capabilities in understanding the user’s needs and offering relevant products and services. This will enable the brand to provide a more customized and relevant user experience.

Overall, the upgraded Fibe 3.0 app is expected to provide a simplified and immersive experience for users, thereby improving customer engagement and satisfaction. With these enhancements, Fibe aims to strengthen its position in the Indian consumer lending market and achieve its target of managing assets worth Rs 20,000 crore by 2025.

According to Akshay Mehrotra, the co-founder, and CEO of Fibe, their application is currently receiving one million new customers each month. Out of those customers, 90,000 are approved and almost 60% of them take out loans from the company. As a result, Fibe is able to distribute 150,000 loans per month with repeat customers included.

Akshay Mehrotra further mentioned that their platform is currently making monthly disbursements of nearly Rs 600 crore and generating a revenue of almost Rs 60 crore per month.

Ashish Goyal, the co-founder and Chief Financial Officer of Fibe, stated that their primary objective is to make financial services easily accessible to their audience. The company’s new application features will provide customers with quicker loan application processes, improved engagement, and financial education.

In August of last year, Fibe secured $110 million in series D funding led by The Rise Fund from TPG and Norwest Venture Partners, valuing the company at $300 million.

Mehrotra mentioned that Fibe currently has sufficient funding and no immediate plans to raise additional capital as they have not used up any of their funds and are already profitable.

He also stated that their primary goal is to double their assets under management (AUM) every year. The company is targeting a goal of Rs 1,000 crore per month in loan disbursements and plans to onboard two million active customers within the next two years.

Fibe has also revealed plans for its “Carnival of Upgrades,” which it claims to be the largest gamified platform in the fintech industry, featuring prizes such as iPhones, Alexas, and more. The goal of the carnival is to introduce consumers to Fibe’s new features, as well as its lending services and products.

In addition to its buy now, pay later service, Fibe has expanded into several verticals, including edtech, health tech, shopping, and lifestyle, as part of its move into the affordability segment.