True Balance crosses 40,000 loan disbursements a day

True Balance, a Fintech app operated by Balancehero India (a wholly-owned subsidiary of Balancehero, Korea), has crossed 40,000 consistent daily loan disbursements across India.

“We started seeing a consistent closure of more than 40,000 loan disbursals since mid-November, and we have seen that this has been a stable-rising trend,” said Charlie Lee, Co-Founder and CEO of True Balance.

“Our research shows that small ticket size loans is where the biggest requirement from India’s new-to-credit lies. These people have high demand but mostly are uncredited because of no prior credit history. Going forward, we are going to stretch into more rural area through our digital touchpoints for overall services other than loans, like UPI, EMI, insurance and provide a complete financial benefits,” he added.

For the firm, Uttar Pradesh is the top revenue generating state for loan products and Hyderabad for instant cash loans.

The company’s instant cash loans, launched in September 2019, and personal loans, have seen 2-3 fold growth since launch.

At present, instant cash loans stand at more than 10,000 transactions a day and across these two products, the company’s average ticket size in India is about ₹500-7,000.

True Balance, which launched e-commerce operations in July 2019 by selling handsets, now intend to expand it by offering a wide range of handsets (such as Xiaomi, Vivo, Oppo, iPhone and feature phones), mobile accessories (power banks, audio equipment), appliances (desk fan, lantern) among others, it added.

Last October, True Balance’s lending arm, TrueCredits received its NBFC license and renewal of PPI license for three years from Reserve Bank of India.