Fintech App True Balance raises $23 Million in Series C Funding

Fin-tech firm True Balance has raised $23 million in the Series C funding round from 7 Korean investors — NH Investment & Securities, IMM Investment, HB Investment, IBK Capital, D3 Jubilee Partners, SB Partners & Shinhan Capital, out of which IMM Investment & HB Investment are existing investors. 

 

The Seoul & Gurgaon based start-up offers a range of innovative and affordable financial services to India 2 and 3 since its launch in 2014. In total, the company has raised $65 million in four rounds of funding to date. 

 

Having earned trust through its digital financial services, True Balance has been aggressively expanding its diverse portfolio for low-income groups around India. Among its recent launches are Recharge loans, Insurance, E-commerce, and Nano insurance. With the additional infusion of $23 million, the fin-tech firm plans to further expand its lending portfolio as well as invest in talent acquisition for its technology and business teams across geographies and to do aggressive marketing of its services.

 

Na Kwang Kug, IMM Investment Director said, “On June 2019, we visited India and observed the rapid growth of the emerging fin-tech market of the country. We are confident of True Balance’s ability to lead and execute technology to better the lives of unbanked users. We are excited to be a part of a company with strong leadership and a team that has an effective strategy in providing financial inclusion to the unbanked population in India and is expected to create high added value in the future.”

 

“With the new round of funding, we will accelerate its investment in product development focusing on e-commerce and lending services. We aim to strengthen our data and ACS (Alternative Credit Scoring) strategy to provide better financial services to our target — the next billion Indian users. Our goal is to reach 100 million digital touchpoints and become one of the top fin-tech companies in India by 2022,” said Charlie Lee, Founder of True Balance. 

 

The company has developed its own unique alternate credit scoring system backed by data science and machine learning, that assist the company address only genuine users. 

True Balance clocks 3 lakhs digital transactions daily and plans to launch Bus Tickets, Digi Gold, Cylinder Booking, IRCTC, etc., by this fiscal end to its existing portfolio.

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