Digital payments and lending firm True Balance has raised $28 million in its Series D funding round led by SoftBank Ventures Asia and Daesung Private Equity. Naver BonAngels and existing backer Shinhan Capital also participated.
True Balance would utilize the proceeds to fuel its India expansion plans and bolster technology capabilities. The fresh round for the company has come after a gap of a year.
True Balance had raised $23 million in Series C round from Korean investors including NH Investment & Securities, IMM Investment among others in October last year. With Series D round, the company has mopped up $90 million in funding across institutional rounds.
Launched in 2014 by Korean entrepreneur Cheol-won (Charlie) Lee, True Balance allows Android app users to check their mobile call and data balances without the need for internet connectivity. It provides consumers with real-time information on the best plans and offers from telecom operators.
Unlike other recharge platforms such as Paytm, Freecharge, and MobiKwik, True Balance focuses primarily on mobile balance management and offers products across payment, loan, commerce, and insurance.
According to the company, it has disbursed over Rs 100 crore through its primary loan products in 2020. Its loan book has grown over 8X since January with an average ticket size of Rs 1,000-15,000.
While True balance is yet to file its financial result for the year ending March 2020, the company’s FY 19 report reflected its revenue being increased by 49.8% from Rs 5.97 crore in FY18 to Rs 8.95 crore in FY19 whereas its losses stood at Rs 46 crore.
Apart from Payments and lending, True Balance has also been planning to enter e-commerce space with a horizontal marketplace. The company competes with Paytm, Google Pay, PhonePe among several other wallets and UPI apps.