True Balance aims for break-even by year-end, eyes listing by 2024

Fintech platform True Balance aims to hit break-even by the end of the year and go for a potential IPO (initial public offering) by 2024 on the back of strong growth in business in the country, its founder Charlie Lee said. Backed by investors like SoftBank, Daesung Private Equity and Naver, True Balance is witnessing a strong uptake of its small-sized loans - which has helped the platform clock a 3x rise in revenues.

India has a huge potential for the consumer credit and the pandemic and the subsequent lockdowns caused a heavy financial strain for consumers and the need for short-term loans were filled by non-banking financial companies (NBFCs) and fintech startups," True Balance founder and Global CEO Charlie Lee told PTI. True Balance has seen a 3X growth in revenues and by November-December this calendar year, the expectation is to be EBITDA positive and attain break-even, he added. True Balance India is the wholly owned subsidiary of Balancehero Co Ltd, Korea which runs and operates the lending platform - 'True Balance'. True Balance is an RBI-authorised digital platform which facilitates loans through its safe, RBI licensed NBFC - True Credits. Founded in Korea in 2014 by Cheolwon 'Charlie' Lee, Balancehero had launched the True Balance app in 2016 in India to help users to efficiently manage their phone recharge, bill payments and balance check. In 2019, True Credits received their license from the RBI, post which True Balance started the lending business.