Fintech startup Balancehero reported a revenue of 144.2 billion won and an operating profit of 35.5 billion won for the previous year on the 31st. Compared to the previous year, revenue increased by 70% and operating profit more than doubled.
Balancehero, a South Korean startup based in India, was founded by CEO Lee Cheol-won in 2014 and operates the micro-loan platform "TrueBalance." The company provides services such as prepaid communication fees and utility bill payments, significantly increasing its user base.
In particular, Balancehero noted that the artificial intelligence (AI)-based alternative credit scoring system (ACS) was a driving force behind revenue growth. The platform business, in which Indian financial institutions pay fees to utilize Balancehero’s ACS for selling products, accounts for 32% of total revenue.
ACS analyzes smartphone data and accumulated payment and loan data to recommend optimized loan products to users. It has been evaluated for enhancing financial product accessibility for individuals with mid-to-low credit ratings through fast assessment and evaluation within about one minute.
Balancehero's goal is to secure a position as the leading financial platform targeting the mid-to-low credit demographic in India, which could reach up to 1 billion people.
CEO Lee stated, "We will achieve an annual revenue growth rate of over 50% based on our scalable platform business."