True Balance, the India-based mobile balance app developer backed by telecommunications and internet group SoftBank, internet company Naver and messaging platform developer Line, has secured $23m in funding, the Economic Times reported yesterday.
The cash came from financial and leasing services firm Shinhan Capital, securities brokerage NH Investment & Securities, investment bank IBK Capital, IMM Investment, HB Investment, D3 Jubilee Partners and SB Partners, all of which are based in South Korea.
True Balance has created a mobile app that enables users to check their credit balances, and has latterly moved into offering loans for its customers. Its lending subsidiary, True Credits, recently received a non-banking financial company licence from the Reserve Bank of India.
The company plans to spend the funding on improving its technology, hiring, marketing and expanding its loan book, co-founder and CEO Charlie Lee told ET. It also intends to introduce services such as transport ticketing and new loan products.
SoftBank led a round of undisclosed size for True Balance in 2016 through the unit now known as SoftBank Ventures Asia, before it co-led a $14.9m series B round with IMM Management in 2017 that also featured Korea Development Bank, Capstone Partners and Mega Investment.
The company added $23m in an April 2018 bridge round that included Line’s corporate venturing vehicle, Line Ventures, as well as Naver, Shinhan Bank and TS Investment. It has now raised $65m in funding altogether, according to ET.
Photo courtesy of True Balance.
