True Balance, a mobile balance management startup based out of Gurugram and Korea has raised a funding of $23 million in their bridge round. The funding round was led by a number of companies which includes likes of Japan-based global messenger Line Ventures Corporation, Korean search engine Naver, Korean lender Shinhan Bank and TS Investment amongst others. The total raised amount by the company now has reached $42 million mark.
The firm plans to use the funding in hiring new talents as well as will cater into need-based financial services to their users. The company is looking to hire Indian talents from the top universities like Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs) among others.
Charlie Lee the CEO of the company while speaking about the funding said that “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 Mn touchpoints 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.”
Launched in 2014, the firm has recorded 50 Lakh downloads, as of September 2017, according to their website. The firm converts text messages in the infographics which allows the users to check balance, purchase prepaid accounts and recharge and track data balance.
TS Investment's board executive Kim Jung Soo praised Indian government's steps towards the reforms. He said “Prime Minister Mr. Narendra Modi’s reformation is a huge stepping stone from a cashless economy to digital payments. Moreover, India’s open market is welcoming foreign companies, especially foreign ICT companies to do business in India. Balance Hero has the required potential and with our support, we believe they will expand benefits of financial services to the Indian audience at large. “
Image Courtesy : venturesquare