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True Credits bags $30 million in debt funding round from Indian and Korean investors

by Balraj
November 24, 2021
in Business, India News, Startups, Tech
Reading Time: 2 mins read
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True Credits official logo

Courtesy: True Credits

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Non-banking financial company (NBFC) – True Credits, secured $30 million in debt funding round from Indian and Korean investors in FY2021, bringing the total debt raised to $55 million. The round of funding featured participation from Northern Arc, Arthmate, Shine Star, E clear, and Hinduja, alongside other Korean investors.

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True Credits official logo
Courtesy: True Credits

True Balance India is an RBI-approved lending platform. It is a completely owned subsidiary of Balancehero Co. Ltd. in Korea. True Balance’s app was launched in India in 2016 after being founded in 2014 by Cheolwon ‘Charlie’ Lee.

The platform started offering a selection of financial services to its consumers shortly after its launch, including the option to pay utility bills and access instant payday loans. The firm claims to have granted loans worth more than Rs 700 crore to 7 million Indian users, with ticket values ranging from Rs 1,000 to Rs 50,000. These instant payday loans are administered by its licensed NBFC subsidiary True Credits.

True Balance’s app allows users to keep track of their phone calls and data usage. It also offers low-credit consumers loans using an alternative credit scoring system (ACS) and machine learning-based assessment models. The company intends to break even by the end of the current fiscal year, despite the fact that it is not yet profitable.

Vishal Bhatia, True Balance Chief Financial Officer in a statement 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.” He went on to say that True Balance’s mission is to be a one-stop destination and financial partner for individuals who are new to credit.

The Gurugram and Seoul-based fintech startup plans to serve customers with monthly incomes ranging from Rs 10,000 to Rs 40,000. In the calendar year 2021, the company’s loan book for small ticket size products grew by 2500 percent, with the Level Up Loan being the most popular product for new-to-credit customers.

The company had previously raised around $28 million in a Series D funding round backed by SoftBank Ventures Asia, D3 Jubilee Partners, Line Ventures Corporation, among a bunch of other foreign investors last year, bringing total equity funding to $85 million.

In other news, The Reserve Bank of India’s (RBI) Working Group on Digital Lending through Online Platforms and Mobile Apps announced last week that around 600 of the 1,100 lending apps featured on app stores are illegal.

A quick search of an app store platform such as Apple’s App Store or Google Play Store showcases a bunch of predatory lending apps available to Indian customers. A number of users have filed complaints against such an application, which we found on the Google Play Store, however, it is unclear whether it is operating unlawfully.

Tags: Apple App StoreFintech Startupfintech startups IndiaGoogle Play StoreNBFCReserve Bank of IndiaTrue BalanceTrue CreditsVishal Bhatia
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Balraj

Balraj writes about Startup, Business, Technology related news on Techstory... For Business Enquires related to TechStory; Get in touch on: [email protected]...

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