True Balance's NBFC unit raises $30-M
True Credits, a non-banking financial company (NBFC) operated by True Balance, has raised USD 30 million in debt from investors across India and Korea, marking up the total funds raised in FY2021 to USD 55 million. Northern Arc, Arthmate, Shine Star, E clear and Hinduja, and other Korean investors participated in the round. True Balance India, a wholly-owned subsidiary of Balancehero Co. Ltd., Korea, is an RBI-authorised lending platform. Founded in 2014 by Cheolwon ‘Charlie' Lee, True Balance's app was launched in India in 2016. The platform started with offering a facility to pay utility bills and expanded to instant payday loans. According to the company, it has disbursed loans worth more than INR 700 crore so far through True Credits, with ticket sizes in the range of INR 1,000-50,000.
From the Venture Intelligence PE-VC Deal Database: Between Mar-16 and Nov-20 True Balance had raised funding from SoftBank Corp.
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