The IDC report suggested that digital payments could surpass cash usage in India by 2022, highlighting how rapidly the country is moving toward a digital financial future. India’s young population is highly tech-savvy and keen to adopt fintech solutions. The fintech sector has experienced a consumer-driven transformation in the post-pandemic era.
Valued at an estimated USD 31 billion this year, India’s fintech industry has grown at an impressive pace, but that growth brings challenges:
- About 20% of India’s population remains unbanked.
- Early fintech efforts were often technology-first rather than focused on genuine financial innovation, creating solutions that could feel complex and inconvenient for many consumers.
Many users found net banking and early digital products more of a hassle than a help. There was a clear need for financial products that simplify everyday banking through intelligent use of technology and AI. During the six-month lockdown, the team at EarlySalary focused on turning this challenge into an opportunity, concentrating on a unified solution that could address most customers’ financial needs. Below is a look at how EarlySalary built a user-centric financial product designed for broad inclusion.
Fibe’s journey and the launch of Fibe Suite
Since its founding five years ago, Fibe has pursued a mission to financially include underserved and unbanked segments with intuitive, easy-to-use services. As one of India’s leading fintech companies, Fibe has disbursed 1.7 million loans to date. EarlySalary knows the needs of salaried employees well and has focused on creating products that address short-term credit gaps where traditional banks often fall short.
Through offerings such as instant loans and salary advances, Fibe has helped millions bridge temporary pay gaps and meet expenses related to travel, education, weddings, shopping, and more. By closely monitoring customer behavior and researching market needs during and after the pandemic, the EarlySalary team expanded from a single product to a broader, multidimensional credit portfolio for digital-first consumers: the EarlySalary Credit Suite.
Fibe Credit Suite
What once seemed like a far-fetched idea — a single product that handles a wide range of financial needs — is now a reality with Fibe Credit Suite. Akshay Mehrotra, cofounder and CEO of Fibe, explains that as the company matured, it recognized the need to serve diverse consumer requirements: short-term loans, longer-term personal loans, enabling credit, and offering Buy-on-EMI options. The result is a comprehensive credit portfolio designed to support consumers over the long term.
The Credit Suite provides fast, practical solutions for emergencies and helps users upgrade their lifestyles. Fibe Credit Suite is positioned as a one-stop credit solution catering to the typical credit needs of salaried individuals.
Highlights of the Credit Suite
EarlySalary functions as a lifestyle financial tool, letting users manage life’s needs from their smartphone without paperwork or in-person visits. The Suite bundles multiple services into a single, convenient offering that includes:
- Short-Term Credit Loan: Instant cash loans ranging from INR 5,000 to INR 5,00,000 with tenures up to 24 months and competitive daily interest pricing.
- Personal Loans: Rapid disbursal of personal loans up to INR 2,00,000, repaid through equated monthly instalments to meet urgent or planned expenses.
- SalaryCard: A payment card accepted across India for online and offline purchases, with EMI options on purchases, category-based dynamic limits, and card controls via the Fibe App. There are no annual or renewal fees.
- Free Credit Score: Users can view their credit score within the app and access tools to improve it.
- Buy on EMIs: The Suite supports EMI purchases and provides an in-app EMI calculator to estimate monthly payments easily.
Why the Suite is a significant financial product
The EarlySalary Credit Suite reflects sustained customer research and continuous adaptation to changing needs, especially during and after the pandemic. It stands out as one of the first industry solutions designed to resolve real-time financial problems with minimal effort from users, delivering convenience and speed. The product is built around five core pillars:
- Product: The Credit Suite empowers salaried users to manage finances flexibly, bundling multiple features into a single, easy-to-use product so customers don’t need to search across several apps.
- Technology: EarlySalary uses modern technologies in data processing, AI/ML, and analytics for real-time decision-making and automated approvals tailored to customer needs.
- Data: AI and machine learning analyze app-collected data to deliver personalized credit solutions and a smooth user experience.
- Debt: The platform handles high demand—receiving tens of thousands of applications monthly—and has disbursed 1.7 million loans, helping salaried professionals manage finances quickly and efficiently.
- Partnerships: EarlySalary partners with more than 500 brands across travel, e-commerce, and education to offer users added value and flexible options.
The Credit Suite focuses on delivering financial independence and practical assistance within one cohesive solution. By consolidating options for short-term credit, personal loans, card-based purchases, credit monitoring, and EMI financing, the Suite gives users a clear path to build stronger financial standing over time. It’s designed to help users navigate life’s expenses with more confidence and fewer hurdles.