True Balance launches Recharge Loan service
Payment solution app True Balance backed by Japan based multinational Soft Bank Group Corp has introduced ‘Recharge Loans’ a new digital loan service for its 70 million users.
True Balance is offering first time ever less than Rs. 500 recharge loan service to their users. Recharge Loans can be used by a user for all the services offered by True Balance. A user can make easy payments of electricity bills, mobile and DTH recharges with a nominal interest rate in three instalments valid for 20 days.
The company has partnered with Happy Loans, a Mumbai based NBFC which offers digital lending and provides service that aims to quickly connect customers with lending partners that offer loans that may work for them.
“India is a potential market for the fintech industry waiting to be tapped with around 1 billion unbanked people yet to be brought under the umbrella of financial inclusion. All our services are meant to empower Indians beyond just the metros and create greater financial inclusion. Since launch, True Paylater has clocked 1Mn transactions. We have grown over the last two years with a total of 95 mn transactions worth 700 crores (USD 100Mn) and we will continue to strengthen our services with a focus on bringing financial inclusion to everyone’s doorstep”, said Charlie Lee, Founder of True Balance.
While True Balance started off as a balance check application, the brand has evolved its model to move into financial services for that section of economy who need money for living. As part of the future strategy, True Balance is focused to provide financial products and services suiting their needs like Insurance, handset loan, etc. The brand’s last financial product ‘True Pay Later’ credit service received phenomenal response from the customers with 1Mn transactions in just three months. Recharge Loans is also a new service from the brand to continue its effort to enable users to fulfil their daily requirements without the pressure of paying the amount in one go.
True Balance has developed its own unique alternate credit scoring system. Our Alternate Credit scoring system methodology backed by Data science and machine learning is helping us to address the genuine borrowers. Our vision is to bring innovative loan products to the people who need it the most in the rural areas. We want to give our customers a choice of loan products and build a one to one relationship with them”, said Anil Gupta, General Manager, Digital Lending Business.
The company feels the Recharge Loan service will help ease out the cash flow of users. True balance has also raised an amount of financing from India’s largest private bank as a part of series B2 fundraising round which concluded on 2018 March. The funds raised will be used by True Balance to further expand its services across areas including loans, insurance and UPI. True Balance is also holding IR sessions for Series C by end of October 2019 and the raised funds will be further utilised for aggressive service development and enhancement, marketing and talent acquisition.