True Balance, a mobile balance management service startup has secured $23 million (approx INR 164 crore) in a series C funding round from a slew of Korean investors, cited Inc42.
True Balance will reportedly use funds to expand its loan book, bolster its technology and business-focused talent acquisition efforts across geographies, as well as towards marketing.
While, till date, the company has raised $65 million from investors.
“We aim to strengthen our data and ACS (alternate credit scoring) strategy to provide better financial services to our target—the next billion Indian users. Our goal is to reach 100 Mn digital touch points and become one of the top fin-tech companies in India by 2022,” Charlie Lee, founder of True Balance, reportedly said.
True Balance was launched in 2014 by Charlie Lee. It converts a text message with an available balance to infographics so that the users can easily check the balance, purchase a prepaid account, recharge their balance and track data usage.
True Balance wallet lets users pay in advance for mobile recharges. Users can also send money to each other using UPI. Since then, it has evolved into a financial services company.
The company website shows that it has 70 million downloads, as of December 2018. While, the company claims to clock three lakh transactions daily and aims to bring financial freedom to primarily unbanked users by giving them a safe, fast and convenient transacting experience.
According to the Global Fintech Report Q1 2019, more than one million borrowers and two million lenders have transacted with lending platforms, with the overall exposure remaining at INR 350 Cr.
Some of the ace players in the segment of True Balance, include Paytm, Google Pay, Amazon Pay, PhonePe, and many more.