True Credits, an RBI licensed NBFC wins ASSOCHAM’s Digital champion award

~The company also stands winner in two other categories- Digital Lending & Digital Service~
~ True Credits is the Financial Arm of RBI authorised fintech, True Balance~

New Delhi, 03.05.2021: True Credits, a lending arm of RBI authorised a fintech app True Balance operated by Balancehero India Private Limited, the wholly owned subsidiary of Balancehero Co. Ltd. Korea, has won the Digital Champion award by ASSOCHAM, in the National E-summit & awards, that was concluded on 29.04.2021. True Credits though a start-up, stood winner while competing against 14 other noteworthy players.

Since its inception in 2019, True Balance has earned the trust of its users through its seamless digital financial services in a very short span of time. With all the necessary RBI authorisations/registration in place, True Balance has aggressively expanded its portfolio to low-income citizenry making ‘finance available for all’. The company’s loan book has grown over manifolds since April 2020, specially across two key products Cash Loans and Level Up Loans. With these key products, the company will be catering to customers within the income bracket of INR 15,000-35,000. Customers in this income bracket can avail loans from INR 5,000 to 50,000 through mobile app in a hassle-free way. The company uses its internal Alternative Credit Scoring system (ACS), tool to support and fund new to credit (NTC) users and users with low credit score.

On this coveted win, Victor Choi, Managing Director, True Credits Private Limited said, “True Credits has always strived to ensure finance for all, and this recognition is a feather in its cap, strengthening its resolve to keep the momentum going. We strongly believe in ensuring that we follow every protocol and rule set by the regulatory bodies, and this has also been an important factor in enabling us to gain the trust of our consumers. Thank you to our customers for their faith. It is due to this that we have been able to sail through even in the toughest of times. We are proud of this recognition as this gives us the opportunity to strive towards our goal of ensuring finance for all.”

Even during the onset of pandemic, True Balance focussed on small loans across India, while several other players got out of the loans business – in light of the credit crisis. The company has grown from strength to strength, maintaining responsible lending is one way of pulling the Indian economy out of the COVID-19 precipice.

True Credits recently raised debt funding from the likes of Northern Arc and others, which will largely fuel its mission to achieve breakeven point for its business and achieve profitability by Q3 of FY22.  

About True Credits:
Established in 2019, True Credits is a digital lending RBI licensed NBFC  that provides innovative financial services to empower the next billion unbanked users. They cater to the personal and business needs of consumers by providing fast and hassle-free finance. True Credits is focused toward unbanked users who have created a huge demand for instant credit services in India.

About True Balance: True Balance India is the wholly owned subsidiary of Balancehero Co. Ltd., Korea which runs and operates mobile App 'True Balance'. Balancehero is a start-up founded in Korea in 2014 by Cheolwon ‘Charlie’ Lee who successfully led ‘Wider Than’ and ‘Access Mobile’ in the past. In 2016, the app was officially launched in India to help users to efficiently manage their phone calls & data usage. So far, the brand has raised 90 MN USD funding until November 2020.  India’s no.1 financial platform for the next billion users, the app provides solutions to all the financial needs of its users. Consumers can recharge, pay utility bills, buy insurance, shop, get instant loans for themselves, others in their family and social circle! The brand’s financial lending arm  ‘True Credits’ has received phenomenal response from the customers with 1Mn transactions in just three months. Recharge Loans is an additional service from the brand to continue its effort in enabling users to fulfil their daily requirements without the pressure of paying the amount in one go. Over the last few months, True Balance has disbursed more than INR 160 crore across the nation. Loans in the range of INR 5,000-15,000 have been given to more than 6.7 million Indians. True Balance is an enabler to empower the Next Billion users by providing full-fledged financial services and inching closer to the dream of Digital India. They intend to deliver value to users, employees, stakeholders, and investors going forward.