BalanceHero, a South Korean fintech startup that entered the Indian market, announced on Friday that its sales and loan execution amounts for the first half of the year reached 66.7 billion won ($48.5 million) and 340 billion won, respectively, more than doubling from a year earlier.
The operating profit for the first half of the year was 17 billion won, a 3.5-fold increase compared to the first half of the previous year, surpassing last year's annual operating profit of 16 billion won.
BalanceHero attributed the revenue increase to the nearly threefold growth in loan amounts processed through its machine learning (ML)-based platform.
The ML-based loan platform facilitates loans by intermediating between Indian financial institutions, which pay fees to use BalanceHero’s alternative credit scoring system (ACS) tailored for India's middle class.
BalanceHero plans to focus more on the loan platform in the second half of the year while expanding its business by launching other financial products, including insurance.