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True Balance is a fintech platform committed to enhancing digital financial inclusion in India by offering accessible, low-cost financial services to underserved and unbanked populations. With a mobile-first approach, True Balance provides services such as small-ticket loans, insurance, utility payments, and digital banking. The company’s mission is to enable financially marginalized communities to meet their daily financial needs securely and conveniently.
Company Overview
Founded in 2014, True Balance is operated by Balancehero India, a wholly owned subsidiary of Balancehero Co. Ltd., South Korea. The company was co-founded by Charlie (Cheolwon) Lee, who also serves as CEO. Initially launched as a mobile balance checking and recharge app, True Balance has since evolved into a full-fledged digital financial services provider. The company’s vision centers on bridging the credit gap for the next billion users through accessible, tech-driven financial solutions.
| Attribute | Details |
|---|---|
| Company Name | True Balance |
| Operating Entity | Balancehero India Pvt. Ltd. (subsidiary of Balancehero Co. Ltd., South Korea) |
| Founded | 2014 |
| Headquarters | Gurugram, Haryana, India |
| Founder & CEO | Charlie (Cheolwon) Lee |
| Industry Focus | Fintech, Digital Lending, Financial Inclusion |
| Initial Offering | Mobile Balance Checking and Recharge App |
| Current Offerings | Microloans, Insurance, Utility Payments, Prepaid Cards, Digital Banking |
| Mission | To financially empower underserved and unbanked individuals in India |
| Core Vision | Bridging the credit and service gap for the next billion users |
| Unique Approach | AI-driven credit scoring, phygital model, app-based financial services |
| Technology Focus | Mobile-first platform, AI/ML for risk assessment, low-bandwidth app design |
| Target Market | Low-income users, especially in Tier 2–4 towns and rural areas |
| NBFC License | True Credits Pvt. Ltd. |
| App Downloads | 100+ million on Google Play Store |
| Major Investors | SoftBank Ventures Asia, Naver, Bon Angels, DSC Investment |
| Recent Funding | Over $100 million raised |
| Key Recognitions | Featured in Google’s Best of Apps; top fintech app rankings |
Unique Approach
True Balance differentiates itself through a phygital (physical + digital) strategy that merges digital financial products with last-mile agent-based outreach. The platform leverages AI-driven credit scoring, digital KYC, and mobile-only interfaces to make financial services intuitive and inclusive, especially for customers with limited banking history or access.
Key innovations include:
- Instant Micro-Loans with minimal documentation
- Prepaid Cards and Recharge Options integrated with financial tools
- App-based Lending Model targeting low-income mobile users
- B2B Agent Network for physical touchpoints in rural and semi-urban areas
Market Impact / Problem Solved
In India, a large section of the population still lacks access to formal credit and banking. True Balance addresses this gap by targeting low-income, credit-invisible individuals, enabling them to perform basic financial transactions and borrow small amounts safely. This not only enhances financial inclusion but also helps build a digital credit footprint for first-time borrowers.
The platform’s user-centric design caters specifically to Tier 2–Tier 4 towns, ensuring financial empowerment reaches the grassroots level.
Collaborations & Achievements
- Funding: True Balance has raised over $100 million from investors including SoftBank Ventures Asia, Naver, Bon Angels, and DSC Investment.
- NBFC License: Operates its own registered NBFC (True Credits Pvt Ltd), enabling it to lend directly.
- App Reach: Over 100 million downloads on Google Play Store, indicating strong market penetration.
- Recognition: Featured in Google’s “Best of Apps” and cited among top fintech apps in India.
Sustainability / Innovation
True Balance emphasizes ethical lending by offering transparent pricing, no hidden charges, and products suited for short-term financial needs. Its digital credit is designed to reduce debt traps, especially for vulnerable users. The company is also exploring green fintech initiatives, such as digitized paperwork and eco-friendly service delivery, minimizing physical resource use.
Additionally, the platform continues to innovate through AI-led personalization, real-time credit decisions, and low-bandwidth app design, ideal for rural internet users.
Leadership / Founder Insights
Charlie Lee (Cheolwon Lee), Founder & CEO, brings deep experience in mobile services and fintech, having worked in leadership roles in South Korea’s mobile tech sector before launching True Balance. His vision is grounded in the belief that financial equality begins with inclusive technology.
Under his leadership, the company has transitioned from a utility management app to a comprehensive neobank for underserved populations in India.
Conclusion
True Balance stands at the forefront of digital financial inclusion in India, offering scalable, responsible, and tech-driven solutions to bridge the credit and service divide. Its unique approach of combining mobile-first technology with last-mile outreach positions it as a key player in the evolving Indian fintech landscape. As it expands its offerings and user base, True Balance is poised to become a central force in democratizing finance for the next billion users.
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