Fintech Platform, True Balance Raises $28 Million From Softbank Venture Asia, Others

Fintech Platform, True Balance Raises $28 Million From Softbank Venture Asia, Others

• True Balance is a mobile financing platform operated by Balancehero India Pvt. Ltd, a wholly-owned subsidiary of Balancehero Co Ltd. Korea.
• The company will use the funding to expand and increase technological capabilities.

Gurgaon-based fintech platform True Balance, on Wednesday, said it has raised $28 million (or about Rs 207 crore) in its Series D funding round led by SoftBank Ventures Asia and Daesung Private Equity.

While Naver, Bon Angels, and Shinhan Capital also participated in the funding round.

The company will use the funding to expand its business operation in the country and increase its technological capabilities, said the company.

In 2015, True Balance first raised $716K from South Korean-based venture capital firm Bon Angels Ventures and Mega Investment.

In October 2019, the startup had raised $23 million from a chunk of investors, including IMM Investment, Shinchan Capital, HB Investment, D3 Jubilee, among others, as a part of a Series C funding round.

To date, True Balance has raised over $90 million in a total of six funding rounds. Softbank Ventures Asia is an early investor in the startup.

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“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,” said Cheol-won Lee (Founder & CEO of True Balance).

Further, True Balance claims that it has disbursed over Rs 100 crore through its primary loan products in 2020. Its loan book has grown over 8X since January with an average ticket size of Rs 1,000-15,000.

According to True Balance FY-19 reports, the company revenue has been increased by 49.8% from Rs 5.9 crore in FY-18 to Rs 8.95 crore in FY-19, whereas the company reported a loss of Rs 46 crore. While the company yet to file its financial report for the current financial year that ended in March.