True Balance raises $23 million in bridge round

Softbank backed digital payments company True Balance has raised $23 million in a bridge round of funding from a clutch of institutional investors and plans to use the funds to expand the team and offer new products to its customers in India.
The latest round saw the participation of Japan-based global messenger Line Ventures Corporation, Korean search engine Naver, Korean lender Shinhan Bank along with TS Investment and other partners.
This round comes close on the heels of the previous round of $19 million that the company had raised last year from Softbank, IMM Investment, and a few other South Korean investors.
True Balance, which was originally an application to check balance and do quick top-ups for telecom companies, is now planning to offer multiple payment options as well including bill payments and recharges, after having received the wallet licence from the Reserve Bank of India.
"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, chief executive of True Balance.
Besides payments, True Balance is also doing beta testing of its micro-loan services. Through this, the company plans to bring affordability and ease to users who are price conscious and not very comfortable with online payments.
True Balance which is licenced under the trade name of Balance Hero India is a subsidiary of the South Korean company Balance Hero and is trying to gather a foothold into the expanding fintech ecosystem of India. Having already recorded around 50 million downloads of its application, the aim of the company is to reach 100 million by the end of the year.