Fintech Startup for the Next Billion - True Balance, Expands Leadership Team
The new appointments will strengthen key functions, augment the company’s growth and make True Balance’s mission of ‘finance for all’ a reality
SINGAPORE - Media OutReach - 25 April 2022 - Reserve Bank of India (RBI) authorised Prepaid Payment Instruments provider and fintech start-up True Balance recently announced multiple senior appointments as the company continues to serve the unbanked and underbanked across India. Amongst others, financial services veteran Souparno Bagchi as its new Chief Operating Officer (COO) and fintech expert Himanshu Jaggi as Principal Product Manager (PPM) are the two new key leaders who will reinforce the company's expansion across India. The expanded 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 cities in India 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 appointments, True Balance's (Balancehero Group, South Korea) Chief Executive Officer (CEO) and Founder, Charlie Lee said, "As per the latest joint report by TransUnion CIBIL and Google, the small ticket personal loan segment in India grew 23x in the last four years, and the overall digital loans market is predicted to grow to $350 billion by 2023. This is a further endorsement of the opportunity and the market we at True Balance have been catering to. India has made significant progress in bridging the digital divide. Leveraging on this, True Balance has been at the forefront of filling the credit gap for the underbanked and unbanked people in India. Souparno and Himanshu will further strengthen the team and our endeavour to achieve our mission of making finance available for all."
The newly appointed COO, Souparno Bagchi will lead the operations of True Balance to amplify customer value while ensuring the company's robust growth in lending and payments services. Bagchi will be responsible for establishing and broadening True Balance's capabilities as a neobank for India's Next Billion people.
Souparno brings with him over two decades of global experience in financial services through various leadership positions at Deloitte, Goldman Sachs, and Tata Consultancy Services. He is a Post Graduate in Business Management from the prestigious Indian School of Business (ISB), Hyderabad, India.
"True Balance has demonstrated its technological prowess and financial services acumen through digitally solving at scale and speed some of the high tough, deep compliance products and offerings from the financial services storefront through its lending and payments solutions. The company has even expanded the credit coverage frontiers to millions of people and has the vantage point of deeply understanding the next billion people in India and their financial needs and aspirations. Therefore, True Balance is uniquely placed to establish itself as the most trusted Neo Bank for the next billion segment. I am super stoked to be part of True Balance as we continue to innovate and develop our offerings and create greater impact for people across India." said Souparno.
As Principal Product Manager, Himanshu Jaggi will spearhead product innovation and development by employing a data-driven approach. He envisions True Balance as a groundbreaking product with a consumer-first approach, serving millions of users through a seamless experience.
Prior to joining True Balance, Himanshu worked with Meta (Facebook) and PayPal. A Masters Degree holder from the esteemed National University of Singapore (NUS), Jaggi brings expertise in Product, Data Science and a profound understanding of consumer behaviour.
"I am happy to join True Balance in their mission to provide a financial platform for the next generation who are unserved by the traditional credit institutions during this pivotal time. It will surely be an exciting journey. And with my experience and skills I look forward to building world-class products for this target audience with a unique vision and innovative approach." said Himanshu.
Hi-res 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 small-ticket loans through its subsidiary and RBI licensed Non-Banking Financial Company - True Credits Private Limited and other RBI licensed partners. Founded in 2016, as a mobile app for users in India to efficiently manage their phone calls and data usage, True Balance is now India's one of the top financial services platforms providing solutions to all the financial needs of its users - from obtaining instant loans, paying utility bills to do prepaid recharges seamlessly. Till 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 nationwide push towards the goal of Digital India and advancing financial inclusion amongst the unbanked and underbanked people.
The issuer is solely responsible for the content of this announcement.