True Balance raises $23 million to bring payments app to Indian cities and towns

There is not a shortage of payments app and services around the world, and the same goes for India as well. Ever since the country saw its currency being deemed invalid overnight, there has been a huge rise in the digital payments app. Now, some of the big players in the Indian payments market are likes of PayTM, Google Pay, PhonePe owned by Flipkart and more. But companies still think that there is an opportunity for them to grow in India’s digital payment segment.

For this reason, we are here to tell you that True Balance has raised about $23 million in a fresh round of funding. The company says that they are trying to enter the small cities and towns in India. True Balance, a startup from Korea, announced its Series C funding from Korean investors such as NH Investment & Securities, IBK Capital, D3 Jubilee Partners, SB Partners, Shinhan Capital, and existing partners IMM Investment, and HB Investment.

True Balance was first launched as a tool to help users easily find their mobile balance, or top up pre-pay mobile credit. However, the True Balance of now has emerged into a digital wallet app that helps users pay their mobile and electricity bills, and offer credit to customers so that they can pay later for their digital purchases as reported by TechCrunch.

True Balance reveals that they have added 60 million registered users in India over a period of time and most of them are from tier 2 and tier 3 cities in India. True Balance calls these cities and towns in India as “India 2” and “India 3”. As per a statement from True Balance, the company’s “aim [is] to strengthen our data and 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,”