Gurgaon-based digital payments firm True Balance has reportedly raised $23 million in a bridge round from a clutch of foreign institutional investors.
According to a report in The Economic Times, Japan-based Line Ventures Corporation, Korean search engine Naver, Korean lender Shinhan Bank, TS Investment and other investors participated in this latest round.
In February last year, True Balance had raised nearly $15 million (Rs 100 crore) in a Series B funding round led by SoftBank Ventures Korea, the venture capital arm of Japan’s SoftBank, and IMM Investment. Prior to that, it had raised Series A funding of an undisclosed amount from SoftBank.
The True Balance app was founded by a South Korean expatriate Charlie (Cheolwon) Lee, for balance check, call log, data pack assessment, and recharge service for prepaid accounts on Android smartphones. It also provides real-time information on best plans and offers from telecom operators, and helps users earn and recharge their prepaid mobile accounts.
According to the latest news report, the company is now planning to offer multiple payment options, including bill payments and recharges. The move follows True Balance receiving a digital wallet licence from the Reserve Bank of India.
According to the True Balance website, the app has seen over 30 million downloads since its launch in September 2014. It was reported last year that the company also had plans to expand overseas, starting with Indonesia, followed by China and South America.
Prior to starting True Balance, Lee was president and CEO of Access Mobile, a Seoul-based provider of value-added mobile services, which counted Vodafone and Idea among its customers.
In the mobile wallet segment, True Balance competes with the likes of Paytm, Mobikwik and Flipkart’s PhonePe, besides Amazon Pay.