True Balance, a digital wallet and financial services platform has raised $23 million in a Series B2 funding. The new round of funding saw participation from Japan-based global messenger Line Ventures Corporation, Korean search engine Naver, Korean bank Shinhan Bank along with TS Investment and other partners.
The company intends to use the fresh infusion of capital towards talent acquisition and expanding benefits of need based financial services. For its technology and business teams, the company is planning to recruit from leading Indian educational institutes like the Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs), among others.
Including the latest funding, the company has raised $42 million so far. 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.
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. With ongoing integrations across utility payments like DTH, electricity and gas bill payments, the application aims to position itself as a top fintech player in the country.
True Balance is also doing beta testing for a first-of-its-kind micro loan services: ‘Easy Pay Plan’- Recharge Now, Pay Later. Through this kind of service, True Balance 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.
With these services True balance intends to stay abreast of its promise to provide financial inclusion to the next billion users.
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 the next billion Indian users.”
Kim Jung Soo, Board Executive, TS Investment said, “Prime Minister Narendra Modi’s reformation is a huge stepping stone from a cashless economy to digital payments. Moreover, India’s open market is welcoming foreign companies, especially foreign ICT companies to do business in India. Balance Hero has the required potential and with our support, we believe they will expand benefits of financial services to the Indian audience at large."