Digital payments company True Balance has raised $23 million in a bridge round of funding from a clutch of institutional investors with the participation of Japan-based global messenger Line Ventures Corporation, Korean search engine Naver, Korean lender Shinhan Bank along with TS Investment and other partners.
[bctt tweet=”True Balance raised $23 million in a bridge round of funding from a clutch of Investors. via @bizztor_in” username=”truebalance_app”]
True Balance initially operated only a mobile balance-checking app. It was launched by Korean entrepreneur Cheol-won (Charlie) Lee in 2014.
This app allowed prepaid Android smartphone users to check their mobile and data balance, without an internet connection. It also offered recharge services.
It also provides consumers with real-time information on the best plans and offers from telecom operators and helps them earn and recharge their prepaid mobile accounts.
True balance is also having RBI Licence to operate wallet service in India.
In the mobile wallet segment, True Balance competes with the likes of Paytm, Mobikwik and Flipkart’s Phonepe, besides Amazon Pay. Market leaders Paytm and Mobikwik, too, had started off as mobile recharge platforms.