Fintech Startup TrueBalance Closes Series D Funding from SoftBank

Team StartupcityGurugram based payment platform TrueBaalnce has raised $28 million from a clutch of investors including SoftBank Ventures Asia, Naver, BonAngels, Daesung Private Equity and Shinhan Capital.

The company had so far raised $62 million from SoftBank Ventures Asia, Line Ventures Corporation, D3 Jubilee Partners and several other global investors, with its last financing round in October 2019.

According to a statement by the company, the fresh infusion of funds will be utilized for amplifying TrueBalance’s India expansion plans, bolstering the technology that drives the fintech player, and preparing for the next round of growth that it now foresees.
Headquartered in Seoul and Gurugram, True Balance was founded in 2014 by Charlie Lee and was launched in India in 2016. The company is operated by Balancehero India, the wholly-owned subsidiary of Balancehero Korea.

The company has created a digital wallet that allows users to access utility bill payment, loan recharge, insurance, and other financial products.

The company so far has over 70 million users and aims to serve India with utility payments financial platform for the unbanked users to serve their money for living requirements.

According to a statement by the company, TrueBalance has disbursed via its primary loan products of over Rs 1 billion to India’s underbanked, uncredited, unaccessed and the financially uneducated in 2020.

“From the day we launched, our focus was on the next billion Indian users. These people will continue to be at the heart of every decision-making process, every change, every pivot, every new service, or product line that we introduce in India.

We will continue focusing on non-online payment users, non-credit score users, people who deserve our help, but need a way to get to it,” said Charlie Lee, Founder and CEO, True Balance.