True balance another player in Fintech gets a debt funding of $ 10 million on Monday. To know more about the scenario; let’s get into the details.
MORE ABOUT TRUE BALANCE
Predominantly a fintech organization that aims at providing good financial products to customers at affordable convenience. It is basically run through debt financing mechanism. It is headquartered in Seoul and Gurugram.
It is a subsidiary of Balance Hero India which is the subsidiary of Balance Hero Korea. The key products have been cash loans & level-up loans. The prime most focus will be on loans from Rs. 5000 to Rs. 50000.
7.5 Lakh downloads
5 different brands
All facilities under one application ranging from payments to loan to commerce & insurance.
The funding amount up till now is close to $ 99.6 million after the recent addition. The number of investors are close to 17. The prominent ones are:
- Northern Arc
- Bon Angels Venture Partners
- IBK Capital
- SB Partners
- IMM Investment
The funding dates back to 2015 when the seed round was held. Till then four rounds up to series D have been successfully completed along with the recent debt financing one. In series D funding the company straight way raised an amount of $28 million from companies like D3 Jubilee Partners, SoftBank Ventures Asia & Line Ventures Corporation recently in 2020.
The major investment has also been done in True Credits which is an arm of the company with the prime objective to bring growth in the market of non-banking financial companies.
The company has also created a milestone by disbursing huge amount of loans of up to $ 30 million admist this pandemic to the underbanked, uncredited,Un-accessed & financially excluded people.
STRATEGY AHEAD OF FUNDING
The CEO of True Balance stated that it is integral to understand that we have our major focus on the next billion users present in India. They will directly affect every decision the company is going to take.
CFO Vishal Bhatia said “As we raise funds, our efforts in stepping closer towards meeting the goal of being a successfully organised lender gets real.”
In addition to this he also made it clear that the funding will be now shouldered upon the start-ups as government is also ready to make a balanced growth in this segment.
Its raining start-ups and fintech has received a major amount of response in form of start up ventures. The government has made an optimistic stand about the industry by clearly signifying the two major important goals that are digitizing to the full & self-sufficiency. Fintech is challenging but it has immense opportunities too. In order to avail them a strong competitive stake is required.
True Balance works on the motto of Finance For All & All For Finance. The start-up will focus on the market but it has to stay true to its motto in order to succeed.