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~ Pay Later product grows 7 times since launch, as Recharge Loan grows 4 times, nationally ~
~ Instant cash loan disbursements between INR 500 – 4,000 reach 10,000-a-day nationally ~
~ 100% app-based loans within minutes ~
Delhi, 13.01.2020: True Balance, a fintech app operated by Balancehero India, the wholly owned subsidiary of Balancehero Co. Ltd. Korea, today announced that it has crossed 40,000 consistent daily loan disbursements across India. This is even as digital lending in India is estimated to grow 5x to reach disbursement levels of USD 1 trillion in the next 5 years .
Loan disbursements are 100% digital and users can apply and receive cash loan within minutes via True Balance’s mobile application. Instant Cash Loans and Personal Loans, among True Balance’ first loan products, launched in September 2019, have an average ticket size of INR 500-7000, respectively. Other than cash loans, Pay Later and Recharge Loans, launched in March, 2019 and June, 2019, both grew at a run rate of 7x and 4x respectively.
Instant Cash Loans which have an average ticket size of INR 500-800 are approved via a combination of True Balance’s Alternative Credit Scoring (ACS), an online survey and eKYC. With transaction count for Instant Cash Loans reaching 10,000-a-day within the last quarter True Balance plans to increase loan size to borrowers with a good credit rating.
“India’s unbanked population has not been able to apply for credit for a very long time now, due to the lack of adequate credit worthiness measurement methodologies. True Balance intends to change this across India for the new-to-credit populace, driving need-based financial inclusion via offerings such as ecommerce EMIs and UPI, which we expect to launch next month”, said Charlie Lee, Co-Founder and CEO of True Balance.
Last October, True Balance’s lending arm, TrueCredits received its NBFC license and renewal of PPI license for 3 years from Reserve Bank of India.
True Balance is currently raising Series C extension to expedite the growth of lending business across India.