The company said Wednesday that it submitted a preliminary listing application to the Korea Exchange (KRX), formally kicking off its initial public offering (IPO) process. Mirae Asset Securities is the lead underwriter, with Hana Securities serving as a co-underwriter.
Founded in 2014, Afinit operates True Balance, an AI-powered financial platform targeting people in India who have limited access to traditional banking and credit services.
A key part of the business is its in-house alternative credit scoring system. Rather than relying only on conventional credit records, the system analyzes more than 90,000 types of alternative data to assess customers, including those with little or no traditional credit history.
It reported revenue of 112.3 billion won ($81 million) in the first half of this year, up 45.8 percent from a year earlier. Operating profit jumped 79.4 percent to 29.6 billion won.
Annual revenue increased from 24.2 billion won in 2021 to 161.9 billion won in 2025, a roughly 6.7-fold increase over four years.
Building on that growth, the company aims to use the planned listing to broaden True Balance beyond small loans and other basic financial products into a wider financial platform.
Beyond India, it is also looking to expand into other emerging markets. Earlier this month, it signed memorandums of understanding with Shinhan Vietnam Finance and Lotte Finance Vietnam as part of its planned entry into Vietnam.
The company plans to expand from Vietnam into other emerging markets, including Indonesia, where demand for broader access to financial services remains high.
AJP Takeaways
• Afinit submitted a preliminary application for a KOSDAQ listing on Aug. 26, 2026, with Mirae Asset Securities as lead underwriter.
• The company operates True Balance, an AI-powered financial platform in India that uses alternative data to assess customers with limited credit histories.
• First-half revenue rose 45.8 percent to 112.3 billion won, while operating profit increased 79.4 percent to 29.6 billion won.
• Afinit is broadening its services into insurance and credit cards while preparing to expand into Vietnam and other emerging markets.
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