Fintech startup True Balance has raised $10 million in debt funding from a group of investors. Operated by Balancehero India, the wholly-owned subsidiary of Balancehero Korea, True Balance’s lending arm True Credits has been backed by Northern Arc, along with investors from India and Korea. The investment will fuel the NBFC's growth in India and the launch of newer loan products.

Founded in 2014, True Balance is a digital wallet that enables users to access utility bill payments and other financial products. The Seoul and Gurugram headquartered firm had raised $28 million in series D funding from SoftBank Ventures Asia, Line Ventures Corporation, D3 Jubilee Partners, and a host of other global investors in 2020.

True Balance’s lending arm, True Credits Pvt Ltd has disbursed loans of over $30 million this financial year alone to India’s underbanked, uncredited, un-accessed, and financially excluded demographic said a company statement.

Victor Choi, CEO, True Balance, said, “Since we launched in India, the focus was on catering to the need of the next billion Indian users. This audience will continue to be an integral part of every decision-making process, and the product line that we introduce in India."

Speaking about the investment, Vishal Bhatia, CFO, True Balance, said, “As we raise funds, our efforts in stepping closer towards meeting the goal of being a successfully organized lender gets real.” He added, “This round of funding will be fortifying the collective effort by startups such as us, and the government to make India a stronger economy as we move forward towards growth. We are also expecting additional funding of $40 million this financial year.”