Seoul-based mobile financial platform operator Balance Hero recently announced that it had raised $28 million in a Series D funding round.
The round was led by Chang Byung-Gyu, chairman of Krafton Inc, with participation from existing investors Daesung Venture Capital, Naver, Softbank Ventures, BonAngels Capital, and Shinhan Capital.
The company's previous Series C funding round raised $24 million in October 2019, bringing its total secured funding to $90 million.
Balance Hero is scaling its business with a focus on the lending sector. The company expects to generate its first operating profit in the first half of 2021.
Initially offering the "True Balance" service for checking prepaid SIM card balances through its app, Balance Hero now provides microfinance loans to over 100 million financially underprivileged Indian citizens.
The total transaction amount is expected to reach $320 million this year.
Chang Byung-Gyu, Chairman of Krafton Inc., noted in a written statement that global IT leaders such as Amazon and Google had shown interest in entering the Indian market, underscoring its importance.
He expressed his belief in Balance Hero's vision to bring financial services to every citizen in India.
In April, Balance Hero launched a COVID-19 insurance product for the Indian market in partnership with ICICI Lombard General Insurance.
In January this year, the daily transactions of its lending service in India reached 40,000.
The company plans to focus on technology upgrades and market expansion.
Balance Hero already uses Alternative Credit Scoring System (ACS) to help underprivileged Indian customers by leveraging its aggregated database.
In July, the South Korean government recognized Balance Hero as a future unicorn startup.
With this latest round of funding, the company is well-positioned to significantly impact India's financially underserved population, expanding its reach and improving financial access for millions.