Digital wallet and financial services platform True Balance has raised $23 million in a Series B2 funding from a number of international investors including Japan’s global messenger Line Ventures Corporation, Korean search engine Naver, Korean bank Shinhan Bank, among others.
True Balance plans to use this capital for hiring new talent and expanding benefits of need based financial services. The company is planning to recruit educational institutes like Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs) to expand its technology and business teams.
Speaking about the Series B2 funding, Mr Charlie Lee, CEO, True Balance said “Freshly infused Japanese and Korean capital highlights Indian fintech market’s high potential for steep growth and would serve as a new global platform for fintech players. Our goal is to reach 100 million touchpoints and become one of the biggest fintech companies by next year. To do so, we will strengthen our mobile payment services and provide better financial services to Next Billion Indian users.”
True Balance has raised $42 Million so far including its latest funding. Previous rounds of funding saw participation from investors such as Soft Bank Ventures, Bon Angels, Mega Investment, IMM Investment, Korea Development Bank and other partners.
True Balance is an application that enables users in India to check balance and do quick recharges for pre-paid as well as post-paid connections. Recently, it also launched a mobile wallet service and has been integrating with utility payments like DTH, Electricity and Gas bill payments. The company eyes to be among the top fintech players in India.
The company is currently doing a beta testing for its micro loan service called ‘Easy Pay Plan’. With this, users can get a recharge done first and pay later.