Fintech app True Balance raises $28 million in series D funding

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November 19, 2020 3:15 AM

A wholly-owned subsidiary of Korea-based Balancehero, the Seoul and Gurgaon headquartered fintech will deploy the funds to expand in India and strengthen its technological capabilities.

The firm claims that its loan book has grown over eight times since the start of the year and it has disbursed over Rs 100 crore through its primary loan products to India’s underbanked in the current year. (Representational image)

Fintech app True Balance on Wednesday said that it has raised $28 million in funding from a clutch of investors including SoftBank Ventures Asia, Naver, BonAngels, Daesung Private Equity, and Shinhan Capital. The latest investment which is part of the company’s series D financial round takes its total fund count to about $90 million.

A wholly-owned subsidiary of Korea-based Balancehero, the Seoul and Gurgaon headquartered fintech will deploy the funds to expand in India and strengthen its technological capabilities.

The firm claims that its loan book has grown over eight times since the start of the year and it has disbursed over Rs 100 crore through its primary loan products to India’s underbanked in the current year.

“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. From the day we launched, our focus was on the next billion Indian users,” said Charlie Lee, founder & CEO at True Balance.

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