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

“The investment has come from Northern Arc, and other investors from India and Korea for its lending arm -True Credits (NBFC) to support the company’s growth,” it said in a statement.

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.