True Balance India, an instant cash loan financing platform, has reportedly raised $15m in debt funding to support its growth in India.
This debt facility was supplied by Pace, E-clear and other unnamed suppliers from South Korea, according to a report from Inc42.
Founded in 2014, the FinTech is designed to help the underbanked and those missed by traditional financial institutions to get access to financing. Its mobile app enables users to easily request loans, ranging from INR 1,000 ($13.44) to INR 60,000 ($806).
The company claims to have experienced between 30% to 50% growth month-over-month, Inc42 said.
This investment comes just five months after True Balance secured $10m in debt from Northern Arc and other unnamed backers.
There have been a number of India-based digital lenders to raise funds this year. Most recently, Credenc collected $25m in a mix of debt and equity from Capital India. Credenc provides students with access to loans to pay for further education.
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