INSUBCONTINENT EXCLUSIVE:
South Korean startup True Balance, which operates an eponymous financial services app aimed at tens of millions of users in small cities
Investment - Securities, IBK Capital, D3 Jubilee Partners, SB Partners, Shinhan Capital and existing partners IMM Investment and HB
tool to help users easily find their mobile balance, or top up pre-pay mobile credit
But in its four-year journey, its ambition has significantly grown beyond that
Today, it serves as 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.The startup says it has amassed more than 60 million registered users in India, most of whom live
to help first-time internet users understand the benefit of online transactions and start using the app.True Balance says it clocks more
than 300,000 digital transactions on its app each day
The startup, which recently introduced e-commerce shopping services on its app to sell products like smartphones, has clocked $100 million
in GMV sales in the country to date.Charlie Lee, founder of True Balance, said the startup will use the fresh capital to bulk up the
Some of the features that True Balance intends to add before the end of this fiscal year include the ability to purchase bus and train
tickets, digital gold and book cooking gas cylinders.True Balance will also expand its lending and e-commerce services, Lee said
Its lending feature was used 1 million times in three months when it was introduced earlier this year
statement.Even as more than 600 million users in India are online today, just about as many remain offline
have limited financial power.
