Digital fintech platform True Balance has secured $10 million in debt funding to strengthen and expand its lending operations in India. The funding was raised from a group of investors, including Northern Arc Capital.
The fresh capital will be used to scale the lending activities of its non-banking financial company (NBFC) arm, True Credits Pvt Ltd, and introduce new loan products for Indian consumers.
Founded in 2014, True Balance focuses on delivering financial services to underbanked and new-to-credit users. The platform aims to provide access to credit for individuals who often remain outside the traditional banking system.
Through its lending arm, the company has disbursed more than $30 million in loans during the current financial year.
True Balance operates in India through Balancehero India, which is the Indian subsidiary of South Korea-based Balancehero. The platform offers a range of digital financial services, including mobile recharge, bill payments and personal lending solutions.
The company’s personal loan platform primarily targets borrowers who are often overlooked by banks, particularly individuals who do not have formal credit scores or established credit histories.
To date, True Balance has raised about $150 million through a mix of equity and debt funding rounds. This includes a $28 million investment led by SoftBank and Daesung Private Equity.
The company last raised funding nearly 3 years ago before this latest debt round.
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