Fintech platform True Balance raises $10 M in debt funding from multiple investors

To support the expansion of its lending arm, True Credits Pvt Ltd, fintech platform True Balance has raised $10 million in debt funding from a group of investors, including Northern Arc Capital.

New loan products will be introduced in the Indian market and True Credits’ lending operations will be expanded with the help of the new debt capital.

True Balance was established in 2014 with the goal of serving underbanked and new credit users with financial services. During the current fiscal year, the company has disbursed over $30 million in loans through its NBFC arm.

Balancehero India, the Indian division of South Korea-based Balancehero, runs True Balance. The platform offers Indian users digital financial services like bill payment, recharge, and product lending.

The personal loan platform offered by True Balance typically targets borrowers with no credit scores who are ignored by banks.

To date, True Balance has raised $150 million through debt and equity rounds, including the $28 million led by SoftBank and Daesung Private Equity. Nearly three years ago, the company raised its last round.