True Balance Financial App Secures $28 Million Funding

true balance app

True Balance, the financial balance checking app start-up, just raised $28 million in a Series D financing round.

True Balance provides financial services for individuals without bank accounts. The company has raised $90 million to date.

True Balance was launched in 2015 as a mobile app to check mobile balances and top-up credit. Since then, it has extended its services to include online lending and payment of utility bills. Most customers of the app don’t have a credit score which means they can’t get loans from traditional financial institutions.

What is True Balance?

True Balance is a mobile financial platform based in Gurugram, India. True Balance app provides digital wallet, lending, recharge & utility payments, e-commerce, insurance, and cash loans mainly to financially underserved customers in India.

The startup has disbursed over $13.5 million in small loans to over 6.7 million consumers. The size of these loans vary from $6.75 to $675.

True Balance began its life as an app to help users easily find their mobile balance, or top up pre-pay mobile credit. But in its five-year journey, the startup has added a range of financial services including online lending and the ability to pay utility bills.

How has True Balance raised $28 million?

True Balance has disbursed over Rs 100 crore this year in India via its primary loan products. Fintech firm True Balance has raised $28 million (about Rs 207.7 crore) in funding from SoftBank Ventures Asia, Daesung Private Equity, and others.

SoftBank Ventures Asia, Naver, BonAngels, Daesung Private Equity, and Shinhan Capital financed the five-year-old startup’s Series D financing round. The startup, which has headquarters in Seoul and Gurgaon, has raised about $90 million to date.

Exit mobile version