Fibe Revolutionizes Middle India's Credit Access with AI-Driven Aspirational Lending
India is witnessing a consumption boom like never before. From Tier 2 and Tier 3 cities, a new generation of "Middle India" is emerging—educated, salaried, and aspirational. However, for a young professional earning ₹30,000 a month, walking into a traditional bank for a ₹50,000 loan is often a futile exercise. To the banking establishment, they are "thin-file" customers with no credit history; to Ashish Goyal, they are a 200-million-strong opportunity for financial inclusion.
Enter Ashish Goyal, the Co-founder of Fibe (formerly known as EarlySalary). A Chartered Accountant who previously served as the Chief Investment Officer at Bajaj Allianz, managing ₹20,000 crores, Goyal left the corporate suite to build a technology-first lender. By utilizing Artificial Intelligence (AI) and a staggering 78,000 variables in their risk scorecard, Fibe is providing instant micro-credit, education financing, and healthcare funding to the next generation of Indians—approving loans in seconds without a single physical branch.
The Rebrand: Why EarlySalary Became Fibe
When the company started in 2015, the name "EarlySalary" perfectly described its first product: a small-ticket loan to bridge the gap between paychecks. However, as the company scaled, its product mix evolved far beyond simple cash loans.
"Early was looking restrictive. We started funding education, healthcare, insurance, and even solar panels," Goyal explains. The new name, Fibe (standing for 'Financial Vibes'), reflects a broader mission to meet all financial needs—be it deposits or long-term aspirational lending—while providing a "wow" customer experience that breaks the old barriers of traditional banking.
Beyond Personal Loans
Fibe has expanded into specialized impact financing:
- Education: Funding skill upgradation courses, school fees, and coaching for UPSC or IIT-JEE.
- Healthcare: Instant funding at the hospital doorstep. "It's easier to finance a phone at Croma than a medical procedure at a hospital. We’re changing that," says Goyal.
- Green Energy: Solar panel financing for independent homes in Tier 2 and Tier 3 cities.
The Engine: AI-Powered Risk Assessment
How does Fibe lend to people without traditional credit scores? The secret lies in their 78,000-variable scorecard. While a human might just see a bank statement, Fibe’s AI models look for "dispassionate" data trends that reveal a person's true persona.
1. Behavioral Underwriting
The system analyzes bank statements not just for income, but for spending habits. Does the user have a regular SIP? How much is their rent? These indicators create a nuanced picture of creditworthiness. "Looking at a bank statement is an art. We build a persona using AI that can underwrite a customer at 12:00 in the night without human intervention," Goyal notes.
2. Visual and Contextual AI
Fibe even utilizes the metadata of a user's application photograph. By analyzing the background and the context of the photo, the AI can detect discrepancies in an applicant's self-claimed income. "If a customer claims a high salary but the dressing or background looks rustic, it triggers a deeper check. AI detects frauds that are invisible to the naked eye," Goyal explains.
3. Automated Interactions
80% to 90% of customer interactions on the Fibe app are handled by AI voice bots and chat bots. This automation allows Fibe to operate in **700+ cities** with zero physical branches, drastically reducing the cost of delivery compared to traditional banks.
The Instant Approval Journey
- Download & Engage: User completes a mobile-first application in 2-3 minutes.
- AI Underwriting: The scorecard processes thousands of data points instantly.
- Instant Sanction: Loans are approved within a second based on AI risk modeling.
- Disbursal: Funds are transferred directly to the bank account, creating a "Wow" experience.
Resilience Through Crisis: The COVID Pivot
Running a lending business in India means navigating constant hurdles—from demonetization to regulatory changes by the RBI. Goyal believes that "consistency beats everything." During the 2020 lockdown, when the industry faced massive uncertainty, Fibe didn't retreat. Instead, they used the time to build their most impactful products.
Turning Challenges into Opportunities
Impact-First Growth: Fibe’s education and healthcare verticals were actually born and shaped during the COVID-19 pandemic. By keeping the "customer in the middle," the company emerged stronger and more diversified.
The Future: Digital Lending as the Default
Goyal is certain that traditional banking will soon be synonymous with digital lending. "In five years, anybody who is not thinking digital will not exist. People don't want to visit branches; they want experiences."
He foresees a future where credit card penetration and small-ticket lending continue to rise, driven by digital operations that lower the cost of serving the masses. For Goyal, the ultimate winner isn't the banking system, but the Indian consumer who finally has access to capital at their fingertips.
Advice for Entrepreneurs
Stay Calm and Prioritize: Goyal recalls meeting 100 investors to raise one round, where 99 said no. "Can you remain very calm and say 'this too shall pass'? As a founder, you are responsible for everything from admin jobs to building tech. The ability to prioritize and build for a 10-year horizon is what defines success."
Key Takeaways: The Fibe Blueprint
- Financial Inclusion is Digital: Serving 700 cities without branches is only possible through a robust mobile-first strategy.
- Alternative Data is the Moat: Moving beyond simple scores to analyze thousands of behavioral variables reduces risk and expands the market.
- Embrace the Product Mix: Don't get "married" to your initial product. Evolve from cash loans to lifecycle financing (education, health, energy).
- Consistency is King: Challenges like regulatory shifts or pandemics are opportunities to build stronger, more resilient processes.
As Ashish Goyal and the team at Fibe continue to push the boundaries of fintech, their goal remains clear: to ensure that every aspirational Indian has the financial vibes needed to upgrade their life. In the AI-driven race for financial inclusion, Fibe isn't just participating—they're setting the pace.
About the Guest
Ashish Goyal is the Co-founder and CFO of Fibe (formerly EarlySalary). A Chartered Accountant with an All India Rank of 37, Goyal has over two decades of experience in the financial sector. He previously served as the Chief Investment Officer at Bajaj Allianz and has been recognized as the 'Most Astute Bond Fund Manager' in Singapore. He is a co-founder of the Fintech Association for Consumer Empowerment (FACE) and a leading voice in India’s digital lending revolution.
Fibe is one of India's leading fintech platforms, providing instant credit solutions to salaried professionals. By leveraging AI and advanced analytics, Fibe offers a range of financial products including personal loans, education financing, and healthcare credit, serving millions of customers across 700+ cities.