Reserve Bank of India authorised Prepaid Payment Instruments provider and fintech start-up True Balance recently announced multiple senior appointments to the leadership team.
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.
What is the purpose of expanding the leadership team?
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 $350bn 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”
What is the industry expertise of the new appointments?
The new COO, Souparno Bagchi will lead the operations to amplify client value while ensuring the company’s robust growth in lending and payments services. Bagchi will be responsible for broadening True Balance’s capabilities as a neobank for India’s Next Billion people.
Souparno has over two decades of expertise in financial services through various 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 showed its 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,” said Souparno.
“The firm has 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.”
“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.”
As Principal Product Manager, Himanshu Jaggi will head 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 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 be an exciting journey. And with my experience I look forward to building top products for this target audience with a unique vision and innovative approach.” said Himanshu.
