True Balance, a digital wallet and financial services platform, has received a new tranche of $23 million funding from a consortium of investors including Japan-based global messenger Line Ventures Corporation, Korean search engine Naver, Korean bank Shinhan Bank along with TS Investment and other partners. The company said in its statement that it will use the fresh infusion of capital towards talent acquisition and expanding its financial services. Including the latest tranche, the company has raised $42 million in funding so far. Previous rounds of funding saw participation from investors such as Soft Bank Ventures, Bon Angels, Mega InvestmentIMM Investment, Korea Development Bank and other partners. Before this round, the company received funds in two rounds from SoftBank Ventures in the past: $15 million in February 2017 along with other investors, and an undisclosed amount in March 2016. True Balance is an app that displays usage data to mobile users in India, similar to Google’s Datally; it also supports carrier recharges. The app covers bill management and payment of prepaid (10 networks across 22 circles) and Postpaid (Idea, Airtel and Vodafone) services in India. Adding to these services, True Balance has also launched its mobile wallet and is looking to foray into overall utility payments. In India, True Balance got a mobile wallet license from the RBI earlier this year, after which it started rolling out its mobile wallet service in the country. Launched in 2014 by Balance Hero, the True Balance app claims that its application has been downloaded 50 million times, but that does…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...