Fintech platform True Balance has announced securing $10 million in debt funding from investors, including Northern Arc Capital, to bolster the growth of its lending arm, True Credits Pvt Ltd.
This new capital injection will be used to expand True Credits’ lending activities and introduce fresh loan products in the Indian market.
Established in 2014, True Balance specializes in offering financial services to underbanked and new-to-credit individuals. Through its NBFC arm, the company has already disbursed over $30 million in loans in the current fiscal year.
Operated by Balancehero India, the Indian arm of South Korea’s Balancehero, True Balance provides digital financial services like bill payments, recharge facilities, and lending products to Indian users.
Targeting borrowers overlooked by traditional banks and lacking credit scores, True Balance’s personal loan platform fills a crucial gap in the market.
Having raised a total of $150 million from various equity and debt rounds, including a $28 million funding round led by SoftBank and Daesung Private Equity, True Balance’s latest debt financing marks a significant milestone in its journey.
Source: Entrackr : Latest Posts