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.
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.
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.