True Balance, a digital wallet and financial services platform, raised USD 23 Million in a Series B2 funding, which it intended to use towards talent acquisition and expanding benefits of need-based financial services.
For its technology and business teams, the company plans to recruit from leading educational institutes like Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs) among others.
Including the latest tranche, the company has raised USD 42 Million in funding 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.
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.
The new round of funding saw 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.