Digital wallet platform True Balance has raised $23m in a Series B2 funding from Korean and Japanese companies.
Participants in the latest funding round were Japanese messenger Line Ventures, Korean search engine Naver, Korea-based Shinhan Bank and TS Investment.
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True Balance aims to utilise the new capital for talent acquisition, with plans to hire from premier Indian technology and management institutes. The company also plans to use the capital to enhance its need-based financial services.
True Balance CEO Charlie Lee 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 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.”
True Balance facilitates easy balance check and recharge features for pre-paid as well as post-paid users. The firm previously secured investments from Soft Bank Ventures, Bon Angels, Mega Investment, IMM Investment, Korea Development Bank and other partners.
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