202123 Nov

True Balance Raises $30 Million In Debt For Financial Arm

Summary

True Credits – the NBFC and an affiliate of an RBI-authorised lending company True Balance – on Tuesday announced a debt fundraise of USD 30 million (about Rs 223.2 crore) from investors, including Northern Arc, Arthmate, Shine Star and others. The pandemic has brought out the major gap which highlights how the traditional banking system has not been able to fulfill the credit needs of many Indian users,” True Balance Chief Financial Officer Vishal Bhatia said. The fintech company has disbursed loans over Rs 600 crore in this calendar year through its licensed NBFC subsidiary True Credits. True Balance sees over 10 lakh transactions per month on its platform for various financial services, Loan being the primary contributor. True Balance has previously raised series D funding of USD 28 million from SoftBank Ventures Asia, Line Ventures Corporation, D3 Jubilee Partners, and other global investors last year, taking total equity funding to USD 85 million.

Source: Moneycontrol

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