BalanceHero Hits Record Revenue and Profit in India’s Growing Fintech Market
BalanceHero, a South Korean fintech company that has expanded into the Indian market, announced on March 20, 2023, that it achieved record-breaking annual revenue of KRW 84.5 billion and an operating profit of KRW 16 billion. For two consecutive years, BalanceHero has reported a profit, marking its entry into a phase of rapid growth in both revenue and profits. Since 2020, when its revenue began to grow significantly, BalanceHero’s sales have surged by 904% over three years, with an annual average growth rate of 116%.
In India’s fast-evolving fintech sector, BalanceHero has emerged as a leading provider of mobile lending services. The number of digital loans has increased more than ninefold compared to 2020, and the volume of loans has grown more than elevenfold, reaching KRW 430 billion. Leveraging its proprietary Alternative Credit Scoring System (ACS), BalanceHero has focused on small, short-term loans tailored to the Indian market, reducing interest rates to attract a wider customer base. Furthermore, the company has strengthened its B2B lending platform service, which is designed to generate profits regardless of the size of the funds managed, laying the groundwork for its rapid expansion.
BalanceHero has prioritized enhancing its transparency and trustworthiness, proactively securing compliance with Reserve Bank of India (RBI) regulations and ISO 9001 certification. This strategy has solidified its status as a prominent industry player, known for its high customer satisfaction and trustworthy corporate image. Currently, the Indian lending market is growing, with domestic companies like Kreditbee and Moneyview leading the way, alongside international competitors such as BalanceHero.
BalanceHero is poised to continue its growth, aiming for revenues of over KRW 130 billion this year and over KRW 300 billion by 2026. The company expects its operating profit to exceed KRW 28 billion this year and KRW 93.5 billion by 2026, driven by the expansion of its mobile loan portfolio, diversification into financial products such as insurance, and an increase in total assets under management (AUM).
Lee Cheolwon, CEO of BalanceHero, commented, “Since 2016, BalanceHero has been a stable and reliable entity in the Indian lending market. With our advanced loan screening engine (ACS), we’re accelerating our growth and will expand into a comprehensive financial platform, ultimately achieving a public listing.”
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