Published By : 20 Apr 2018 | Published By : QYRESEARCH
SoftBank-supported digital payment firm, True Balance, has generated US$23 mn up in a bridge round funding from a number of institutional investors. It plans to utilize the funds to develop the group and offer novel products to its Indian customers. The most recent round witnessed the interest of Line Ventures Corporation, a Japan-based global messenger, Naver, a Korean web search engine, Shinhan Bank, TS Investment, and several other participants.
This round came close to the heels of the last round of US$19 million that the firm had raised in the last year from IMM Investment, Softbank, and a couple of other South Korea-based investors. True Balance was initially an application to do quick recharges and check balance for telecom firms. After receiving the wallet license from the Reserve Bank of India, it presently is looking to offer several payment options, such as recharges and bill payments.
"Freshly mixed Japanese and Korean capital emphasizes on the high potential of the fintech market in India for sheer development and would act as another global stage for Indian fintech players”, said Charlie Lee, the CEO at True Balance. The company is expected to achieve a 100 mn touch points and end up as one of the greatest fintech organizations by the next year. To materialize this plan, the True Balance will strengthen its mobile payments services and offer enhanced financial services to Next Billion Indian subscribers," he further added.