**Fibe Set to Launch UPI Services Amid Growing Competition**
Fibe, a fintech firm backed by TPG, is preparing to introduce its own Unified Payment Interface (UPI) services app within the next three months, as revealed by a senior executive. This initiative comes at a time when the market is witnessing an influx of new players, such as Super.Money and Navi, while established giants like PhonePe and Google Pay continue to dominate.
Akshay Mehrotra, co-founder and CEO of Fibe, stated, “We power nearly 8-10 other loan service providers in the market. Our robust backend ecosystem is a key factor in our significant scale. Given our deep understanding of lending and monetization, we aim to explore one or two direct ventures in the payments sector, starting with UPI.” Mehrotra also mentioned that Fibe has received preliminary approval from the National Payments Corporation of India (NPCI) and anticipates launching the UPI payment feature after obtaining the final license in the coming months.
The NPCI, established by the Reserve Bank of India (RBI) and Indian banks, is responsible for facilitating digital payment services in the country and issues UPI licenses. Prashanth Ramdas, a partner at Khaitan & Co. and an expert in fintech regulations, noted that a growing number of both established and new players have acquired the Third-Party Application Provider (TPAP) license, allowing them to operate within the UPI ecosystem. “Currently, there are over 37 registered players, and this number has been steadily increasing. NPCI’s intent has not been to restrict access to the UPI ecosystem, but it does assess the potential customer base and business use case when awarding licenses,” Ramdas explained.
Fibe boasts nearly 2 million monthly active users on its platform. Founded in 2015 by Mehrotra and Ashish Goyal, the company provides both short- and long-term personal loans across various sectors, including health, edtech, and insurance financing. In its latest funding round, Fibe raised $90 million, with participation from investors such as TR Capital, Trifecta Capital, and Amara Partners, leading to a valuation of over $600 million. The company also ventured into Buy Now, Pay Later (BNPL) products in the education and healthcare sectors last year, which now contributes approximately 15% of its total revenue, with expectations to grow to 25-30% this year.
Looking ahead, Fibe plans to introduce two secured lending products: a mass-market loan against mutual funds starting at ₹15,000 and a residential rooftop solar loan that allows households to install solar panels with net metering, offered with a 36-month zero-cost EMI option. However, it is important to note that the RBI has been tightening regulations on Indian lending fintechs, particularly those operating in unconventional ways.
**FAQ**
**What is Fibe’s upcoming UPI service?**
Fibe is set to launch its own UPI services app within the next three months, aiming to expand its offerings in the payments sector while competing with established players.
