Gurgaon based digital wallet and financial services platform True Balance raise $23 Million in a Series B funding. The company has raised total $38.6 Million funding so far.
The funding will use towards talent acquisition and expanding benefits of need-based financial services.
The funding saw the participation from Japan-based global messenger Line Ventures Corporation, Korean search engine Naver, leading Korean bank Shinhan Bank along with TS Investment and other partners.
The app-based platform is planning to recruit from leading Indian educational institutes like Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs) among others to improve its business & technology.
True Balance is a balance management utility application that helps prepaid users save and manage their mobile balances.
The application provides easy balance check and recharge features for both pre-paid and post-paid users in India. It also launched a mobile wallet service recently providing faster recharges and payment options.
True Balance is also doing beta testing of first of its kind Micro Loan services: ‘Easy Pay Plan’- Recharge Now, Pay Later. Through this kind of service, the company intends to bring affordability and ease to users who are in the lower part of the digital transaction pyramid; who are price conscious and not very comfortable with online payments.
“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 touch points 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,” said Charlie Lee, CEO, True Balance.