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.

Trending News

Why Amazon’s Flipkart bid is just not high enough

Selling without MRP, expiry dates to cost etailers

TCS hits $100Bn market cap: A new phase for India Inc?

Snapdeal posts Rs 4,647 crore net loss in 2016-17

Flipkart-Walmart deal: What it means for the etailer and the whole industry

NCLAT stays CCI penalty of Rs 136cr on Google in search bias case

Walmart may rope in Google parent Alphabet for the Flipkart deal

Internet shutdown cost Indian economy $3 billion from 2012-17: Study

Flipkart and Amazon plan mega summer sales in May

International sales now account for 48% of Twitter's revenues

70% of mobile phones buyers in India opt for non-cash payments

Amazon India expects groceries & household products to account for 50% of business in 5 yrs

India to come out with a E-commerce policy framework in 6 months

Online learning platform Career Anna raises Rs 3 Cr funding

Wal-Mart will offer to buy up to 86% of Flipkart

Agritech startups Sabziwala and LivLush merge their business under new entity Kamatan

Avail Finance lands $17.2M from Matrix Partners & Ola, Freecharge and Flipkart founders

RBI suggests tax sops, self-regulation to build fintech space

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Qualcomm rejects Broadcom's $103 billion offer

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities