Payments app True Balance raises $28 million to reach more underbanked users in India
North Korean startup True Balance has raised $28 million in a new financing round and expects to turn a profit next year. SoftBank were heavily involved in the series D, which takes the firm's total cash raised to about $90 million to date.
True Balance is a digital wallet owned and operated by Balancehero India Private Limited (BHI), that enables users to access utility bill payment, loan recharge, insurance, and other financial products. With 70 million users, True Balance aims to serve India with utility payments financial platform for the unbanked users to serve their money for living requirements. It was launched in 2014 by Mr. Charlie Lee as CEO.
In the last three months, True Balance has a lot of growth, Lee said, claiming a 300% surge. The startup continues to run a range of other services including the ability to book train tickets and e-commerce and is also working on insurance. The fresh capital will be deployed to make the startup reach the break-even point and then profitability, he said.