True Balance raises $10 million in debt funding for its NBFC True Credits – The Hindu BusinessLine

Clipped from:

Fintech app True Balance on Monday announced that it has raised $10 million in debt funding from a group of investors.

The debt fund investment will largely help the NBFC subsidiary company achieve breakeven for its business and deliver profitability by the third quarter of the fiscal year 2021, it further said.

Eyes more funding

Vishal Bhatia, Chief Financial Officer, True Balance, said the company is expecting additional funding of $40 million this fiscal.

“As we raise funds, our efforts in stepping closer towards meeting the goal of being a successful organised lender, gets real,” he said.

The Seoul and Gurugram-headquartered fintech has disbursed loans over $30 million this fiscal to the underbanked through its licensed NBFC subsidiary True Credits Private Limited.

“The entity had previously raised series D funding of $28 million from SoftBank Ventures Asia, Line Ventures Corporation, D3 Jubilee Partners, and other global investors towards the end of last year,” it further said.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s