True Balance, a Seoul- and Gurugram-based start-up operated by Balancehero India has crossed 40,000 consistent daily loan disbursements across India.
Digital lending in India has been estimated to grow five folds to reach disbursement levels of $1 trillion in the next five years.
Loan disbursements by True Balance are 100 per cent digital and users can apply and receive cash loan within minutes via the mobile application.
True Balance launched Instant Cash Loans and Personal Loans, among its first loan products in September 2019 with an average ticket size of Rs 500-7000, respectively. Pay Later, launched in March 2019 and Recharge Loans, launched in June 2019, both grew at a run rate of 7x and 4x respectively.
Instant Cash Loans which have an average ticket size of INR 500-800 are approved via a combination of True Balance’s Alternative Credit Scoring (ACS), an online survey and e-KYC. True Balance plans to increase loan size to borrowers with a good credit rating as the transaction count is increasing rapidly.
“True Balance intends to change the problems faced due to lack of adequate creditworthiness measurement methodologies across India for the new-to-credit populace, driving need-based financial inclusion via offerings such as e-commerce EMIs and UPI, which we expect to launch next month”, said Charlie Lee, Co-Founder and CEO of True Balance.
In October 2019, True Balance’s lending arm, True Credits received its NBFC license and renewal of PPI license for 3 years from Reserve Bank of India. True Balance is currently raising Series C extension to expedite the growth of the lending business across India and has raised USD 65 million till date backed by Softbank Ventures Asia, Naver, Line, Korea Development Bank, IMM Investment and several other players.