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True Balance raises $28 mn from SoftBank Ventures Asia, BonAngels, others

The Series D round also saw participation from Naver, BonAngels and Shinhan Capital, a statement said. It had previously raised USD 62 million from SoftBank Ventures Asia, Line Ventures Corporation, D3 Jubilee Partners, and a host of other global investors.

PTI | New Delhi | Updated: 18-11-2020 17:52 IST | Created: 18-11-2020 17:15 IST
True Balance raises $28 mn from SoftBank Ventures Asia, BonAngels, others
Representative Image Image Credit: Pixabay

Fintech firm True Balance on Wednesday said it has raised USD 28 million (about Rs 207.7 crore) in funding from SoftBank Ventures Asia, Daesung Private Equity and others. The Series D round also saw participation from Naver, BonAngels and Shinhan Capital, a statement said.

It had previously raised USD 62 million from SoftBank Ventures Asia, Line Ventures Corporation, D3 Jubilee Partners, and a host of other global investors. True Balance is a fintech app operated by Balancehero India, which is the wholly-owned subsidiary of Balancehero Co Ltd Korea.

True Balance has disbursed via its primary loan products over Rs 100 crore this year in India. Its loan book has grown over 8 times since January 2020, capped off by their Cash Loan and Level Up Loan service – with an average ticket size of Rs 1,000-15,000. "From the day we launched, our focus was on the Next Billion Indian users...We will continue focusing on non-online payment users, non-credit score users, people who deserve our help, but need a way to get to it," True Balance founder and CEO Charlie Lee said.

He added that the funding would be used to fuel the company's India expansion plans, bolstering the technology that drives the fintech player, and preparing for the next round of growth that it now foresees. The Series D investment will largely fuel Balance Hero's mission to achieve breakeven point for their business and achieve profitability by Q2 of next year, the statement said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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