Fintech platform True Balance has raised $10 million in debt funding from a group of investors including Northern Arc Capital to support the growth of its lending arm, True Credits Pvt Ltd.
The fresh debt capital will be used to expand True Credits’ lending operations and launch new loan products in the Indian market.
Founded in 2014, True Balance focuses on providing financial services to underbanked and new-to-credit users. Through its NBFC arm, the company has disbursed more than $30 million in loans during the current financial year.
True Balance is operated by Balancehero India, the Indian subsidiary of South Korea-based Balancehero. The platform provides digital financial services such as bill payments, recharge, and lending products to users in India.
True Balance’s personal loan platform usually targets borrowers who are neglected by banks and have no credit scores. True Balance has raised $150 million to date across equity and debt rounds including its $28 million led by SoftBank and Daesung Private Equity. The company raised its last round almost three years back.