[Funding alert] Gurugram-based fintech startup True Balance raises $28M from SoftBank, others

Fintech startup True Balance has raised $28 million in funding from investors including SoftBank Ventures Asia, Naver, BonAngels, Daesung Private Equity, and Shinhan Capital. Headquartered in Seoul and Gurugram, True Balance is operated by Balancehero India, the wholly-owned subsidiary of Balancehero Korea.

Commenting on the funding, Charlie Lee, Founder and CEO, True Balance said,

“From the day we launched, our focus was on the next billion Indian users. These people will continue to be at the heart of every decision-making process, every change, every pivot, every new service, or product line that we introduce in India. We will continue focusing on non-online payment users, non-credit score users, people who deserve our help, but need a way to get to it."

Charlie added that this funding round will be used to fuel the company’s India expansion plans, bolstering the technology that drives the fintech player, and preparing for the next round of growth that it now foresees.

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According to a statement by the company, True Balance, which was officially launched in India in 2016, has disbursed via its primary loan products of over Rs 1 billion this year alone to India’s underbanked, uncredited, unaccessed, and the financially uneducated.

The app that provides solutions to all the financial needs of its users including recharging, pay utility bills, buy insurance, shop, get instant loans etc had pivoted its business to focus on small loans across India in early 2020.

True Balance has previously raised $62 million from SoftBank Ventures Asia, Line Ventures Corporation, D3 Jubilee Partners, and a host of other global investors. 

True Balance has expanded its portfolio to bring full stack financial services to low-income citizenry ‘making finance available for all’. The company’s loan book claims to have grown over eight times since January 2020, capped off by their Cash Loan and Level Up Loan service – with an average ticket size between Rs 1,000-15,000.