True Balance raises $23 million in Series B2 funding

True Balance has raised US$23 million in a Series B2 funding. The new round of funding saw participation from Japan-based global messenger Line Ventures Corporation, Korean search engine Naver, leading Korean bank Shinhan Bank along with TS Investment and other partners.

The company intends to use the fresh infusion of capital towards talent acquisition and expanding benefits of need-based financial services. For its technology and business teams, the company is planning to recruit from the leading Indian educational institutes like Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs), among others.

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 Investment, IMM Investment, Korea Development Bank and other partners.

The application provides easy balance check and recharge features for both prepaid and postpaid users in India. It also launched a mobile wallet service recently providing faster recharges and payment options. With ongoing integrations across utility payments like DTH, Electricity and Gas bill payments, the application aims to position itself as a top fintech player in the country.

True Balance is also doing beta testing for first of its kind Micro Loan services: “Easy Pay Plan” – Recharge Now, Pay Later. Through this kind of service, True Balance intends to bring affordability and ease to users who are in the lower part of the digital transaction pyramid, who are price conscious and not very comfortable with online payments.

With these services, True balance intends to stay abreast with its promise to provide financial inclusion to Next Billion Users.