Singapore — Reserve Bank of India’s authorised Prepaid Payment Instruments provider and fintech start-up True Balance has announced multiple senior appointments. Financial services veteran Souparno Bagchi is named as the new chief operating officer (COO) while fintech expert Himanshu Jaggi is named as its new principal product manager. The expanded leadership team will oversee the development and advancement of financial products and services that aim to ‘Enable Finance for Every Indian’.
Bagchi brings with him over two decades of global experience in financial services through various leadership positions at Deloitte, Goldman Sachs, and Tata Consultancy Services.
The newly appointed COO 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.
Meanwhile, as the new principal product manager, Jaggi will spearhead product innovation and development by employing a data-driven approach. Prior to joining True Balance, Jaggi worked with social media giant Meta Facebook and PayPal. Jaggi brings expertise in product, data science and a profound understanding of consumer behaviour.
Commenting on the appointments, Charlie Lee, CEO and founder of True Balance, said that as per the latest joint report by TransUnion CIBIL and Google, the small ticket personal loan segment in India grew 23 times in the last four years, and the overall digital loans market is predicted to grow to $350b by 2023.
Lee added, “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. Bagchi and Jaggi will further strengthen the team and our endeavour to achieve our mission of making finance available for all.”
Meanwhile, Bagchi said, “The company 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 and aspirations. Therefore, True Balance is uniquely placed to establish itself as the most trusted Neo Bank for the next billion segments. 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.”
Simultaneously, Jaggi shared, “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.”
