Indian fintech True Credits has raised $30m in debt from a group of new and existing investors such as Northern Arc, Arthmate, Shine Star, E clear and Hinduja.

True Credits is a non-banking financial company and an affiliate entity of RBI-authorised digital lending platform True Balance India.

The lending platform is a wholly-owned subsidiary of Korean firm Balancehero, which owns the ‘True Balance’ app.

True Balance claims to have disbursed over INR6bn ($80m) in 2021 so far through its NBFC subsidiary True Credits.

True Balance CFO Vishal Bhatia said: “Our resolve to make finance available for all, gets strengthened with each round of debt fund we raise. The pandemic has brought out the major gap which highlights how the traditional banking system has not been able to fulfil the credit needs of many Indian users. True Balance aims to be the one-stop-solution and financial partner for the new to credit users.”

As per media reports, the firm claims that its loan book has grown over 2500% in 2021 and it processes over 7,000 loans a day.

It is said to be recording 30-50% month-on-month growth and aims to break even before the end of this financial year.

Last year, True Balance raised $28m in Series D funding from investors such as SoftBank Ventures Asia and Daesung Private Equity.