Fintech startup for the next billion – True Balance, expands leadership team, Business News

New Appointments Will Strengthen Key Functions, Increase Company Growth and Make True Balance’s “Finance for All” Mission a Reality

SINGAPORE – Media outreach – 25 April 2022 – The Reserve Bank of India (RBI)-licensed prepaid payment instrument provider and fintech start-up True Balance recently announced several leadership appointments as the company continues to serve people unbanked and underbanked across India. Among others, financial services veteran Souparno Bagchi as the new Chief Operating Officer (COO) and fintech expert Himanshu Jaggi as Principal Product Manager (PPM) are the two new key leaders who will strengthen the expansion of the business across India. The extended leadership team will oversee the development and advancement of financial products and services that aim to “enable finance for every Indian”.

Aimed at underbanked and underserved users in small Indian towns as a one-stop financial solution, True Balance facilitates instant personal loans and other payment services to India’s next billion users.

Commenting on the nominations, the CEO and Founder of True Balance (Balancehero Group, South Korea), Charlie Lee said , “According to the latest joint report by TransUnion CIBIL and Google, the small personal loan segment in India has grown 23 times over the past four years, and the overall digital loan market is expected to reach $350 billion by 2023. This is another endorsement of the opportunity and market we are responding to at True Balance. India has made significant progress in bridging the digital divide. Building on this, True Balance has been at the forefront of bridging the credit gap for the underbanked and unbanked in India. Souparno and Himanshu will further strengthen the team and our efforts to achieve our mission of making finance accessible to all.”

New COO, Souparno Bagchi, will lead True Balance’s operations to amplify customer value while ensuring the company’s robust growth in lending and payment services. Bagchi will be responsible for establishing and expanding True Balance’s capabilities as a neobank for India’s next billion people.

Souparno brings with him more than two decades of global financial services experience through various senior positions at Deloitte, Goldman Sachs and Tata Consultancy Services. He is a postgraduate in Business Management from the prestigious Indian School of Business (ISB), Hyderabad, India.

“True Balance has demonstrated its technological prowess and financial services acumen by digitally solving at scale and speed some of the most demanding and rigorous compliance products and offerings on the financial services storefront through its lending and The company has even extended frontiers credit coverage to millions of people and has the advantage of deeply understanding the next billion people in India and their financial needs and aspirations.Therefore, True Balance is uniquely positioned to establish itself as the most trusted Neo Bank for the next billion segment. I’m super excited to be a part of True Balance as we continue to innovate and grow our offerings and create greater impact for people across india .” said Souparno .

As Senior Product Manager, Himanshu Jaggi will lead innovation and product development using a data-driven approach. He envisions True Balance as a breakthrough product with a consumer-centric approach, serving millions of users through a seamless experience.

Prior to joining True Balance, Himanshu worked with Meta (Facebook) and PayPal. With a master’s degree from the prestigious National University of Singapore (NUS), Jaggi brings expertise in product, data science and a deep understanding of consumer behavior.

“I am excited to join True Balance in its mission to provide a financial platform to the next generation not served by traditional lending institutions during this pivotal time. It will surely be an exciting journey. And with my experience and my skills, I look forward to creating world-class products for this target audience with a unique vision and innovative approach.” Himanshu said.

High resolution images are available in the media kit here .

About True Balance

Owned and operated by BalanceHero Group, True Balance is an RBI-authorized prepaid payment instrument issuing entity and an emerging digital lending fintech platform. It offers low cost loans through its subsidiary and RBI licensed non-bank financial company – True Credits Private Limited and other RBI licensed partners. Founded in 2016, as a mobile application for Indian users to efficiently manage their phone calls and data usage, True Balance is now one of the leading financial services platforms in India, offering solutions to all the financial needs of its users – from getting instant loans, paying utility bills to making prepaid recharges seamlessly. To date, True Balance has raised US$85 million in equity funding from global investors, including those in South Korea and India. The company aims to become the go-to financial services platform for the next billion people in India, playing a key role in the national push towards the goal of digital India and advancing financial inclusion among the non- banked and underbanked.


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