Balancehero India appoints financial services industry veteran, Souparno Bagchi as its COO

~ to foster growth and provide strategic vision to the organization ~

National 02.02.2022: Balancehero India Private Limited (BHI), the wholly-owned subsidiary of Balancehero Co. Ltd., Korea which runs and operates “True Balance”, (the RBI-authorised PPI issuing entity and emerging lending platform), today announced the appointment of senior financial services and fintech leader, Souparno Bagchi, as its Chief Operating Officer (COO).

During a career spanning over two decades, Mr. Bagchi held various leadership positions at Deloitte, Goldman Sachs, and Tata Consultancy Services. He straddled many global cross-functional impact roles, across banking and finance sectors essentially covering domains of wealth management, alternate finance, lending, trades and settlements, payments, and financial crime compliance. From leading strategic mandates of building new businesses to driving digital transformation, partnerships, and intrapreneurship programs, Mr. Bagchi has demonstrated rich thought leadership, built, and led high-performance global teams and businesses. 

He holds a distinguished academic background with a Postgraduate degree from the Indian School of Business (ISB), Hyderabad. 

Opining on the appointment, Charlie Lee, Founder & CEO, Balancehero India said, “The fintech industry is constantly evolving with more enterprises, corporates and SME’s, today realizes the true power of digital transformation. Neobanks is definitely the next revolution of banking. At Balancehero India, our vision is to make finance accessible to the next billion users in India, who despite having a bank account have limited access to credit. We, at True Balance, have built a next-generation financial platform that is helping us penetrate the untapped market in India. Post achieving the break-even point last year, we are now looking at listing within the next three years. We are certain that Souparno with his wealth of experience in financial services and lending space, in global as well as domestic markets, will play an integral role in our mission to provide credit to the ‘uncredited’ Indian and grow the company further.”

“I have always believed in the convergence of ‘Doing Well and Doing Good.’ The Fintech revolution in India has further emboldened that opportunity and True Balance is a distinguished example of a company that is living by this mantra. In India, we have traversed a commendable path in bridging the digital divide and now we are at the inflection point of leveraging the journey covered to bridge the credit divide. By providing access to finance for all, True Balance is changing the landscape of the lending industry. I am delighted to be a part of this dedicated team and to further accelerate the vision of the organization”, added Souparno Bagchi, COO, Balancehero India

With remarkable growth this year, Balancehero India has charted out a multi-pronged strategy to accelerate its growth and to further build True Balance as a platform of choice for the users who are underbanked or not serviced by traditional financial institutions, non-online payment users, and non-credit score users. This key leadership appointment will play a crucial role in driving the company’s expansion plans.

About Balancehero India: Balancehero India Pvt. Ltd. (BHI), the wholly-owned subsidiary of Balancehero Co. Ltd., Korea which runs and operates the mobile app “True Balance”- a one-stop destination for financial services.”  Founded by Charlie Lee in Korea in 2014, Balancehero started its operations in India in the year 2016. It started off as a balance check application and the company has expanded its business model to financial services. The company aims to build a financial platform for the next billion which set the context for loans, utility services, pay later services, and commerce services.  The Company's wholly-owned subsidiary True Credits Private Limited, is a licensed NBFC that aims to bridge the financial gap in India by making Finance available for all. True Credits lends through the True Balance mobile application.

About True Balance: True Balance India is an RBI authorized PPI Issuing entity and emerging lending platform, wholly-owned subsidiary of Balancehero Co. Ltd., Korea which runs and operates the 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 85 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 pay utility bills and get instant loans for themselves. 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.