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True Balance Raises $30M In Debt Funding

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True Credits, an NBFC and an affiliate of True Balance, an RBI-authorized lending firm, was founded by Balancehero India Private Limited, a wholly-owned subsidiary of Balancehero Co Ltd Korea, and launched a $30 million debt financing on Tuesday. In FY2021, the third round brought the total debt raised to $55 million.

Northern Arc, Arthmate, Shine Star, E lucid, and Hinduja, as well as other Korean investors, have contributed to the company’s third round of funding to help its expansion in India. The fintech, which is based in Seoul and Gurugram, has disbursed over $1 billion in loans. Rs 600 crore in this calendar year to India’s financially deprived and excluded, through its licensed NBFC subsidiary – True Credits Private Limited.

Vishal Bhatia, Chief Financial Officer, True Balance said,“Our resolve to make finance available for all, gets strengthened with each round of debt fund we raise. The pandemic has brought out the major gap which highlights how the traditional banking system has not been able to fulfill the credit needs of many Indian users. True Balance aims to be the one-stop-solution and financial partner for the new to credit users.

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