Afinit (formerly Balancehero) raised the credit rating of its India subsidiary by one notch.
On the 2nd, according to Afinit, India credit rating agency CRISIL upgraded Afinit's India subsidiary credit rating to BBB+ from BBB.
CRISIL is the India credit rating subsidiary of credit rating agency S&P Global. It makes a comprehensive judgment on corporations' overall strengths and resilience, governance, risk management, business models, and long-term sustainability.
Founded in 2014, Afinit obtained formal nonbank financial company (NBFC) authorization from the Reserve Bank of India (RBI) and has been steadily expanding AI-based financial services for India's middle class nationwide. Last year it posted 169.1 billion won in revenue and 39.7 billion won in profit before tax.
Afinit is an AI Fintech platform that connects financial companies supplying financial products with users. It connects optimal financial products without limiting itself to a particular financial company or product. It is relatively insulated from market volatility and risks held by specific providers. CRISIL cited Afinit's platform structure, which connects a variety of financial companies and consumers, as a key reason for the upgrade.
Based on its self-developed alternative credit scoring system (ACS) and AI financial platform, Afinit operates financial processes from credit evaluation to loan screening and risk management. In the unsecured small-loan market, it maintains an industry-low delinquency rate.
The AI financial platform "Truebalance" provides services in more than 95% of regions across India. Users can use the platform for payment, small loans, and insurance and other financial product recommendations, and can also use bill payment and prepaid top-up functions. Afinit holds both the Reserve Bank of India (RBI) nonbank financial company (NBFC) and prepaid payment instrument (PPI) licenses.
Chief Executive Lee Cheol-won of Afinit said, "This upgrade is a performance created together by the entire organization, from finance and risk to compliance and field operations," adding, "Having received official recognition from the top local rating agency, we will use this as a springboard to grow into a trusted AI financial platform in the global market."