Mobile wallet app True Balance has reportedly secured a $23m Series B funding round.
Commitments to the round came from firms including Line Ventures Corporation, Naver, Shinhan and TS Investments, among others, according to various reports in the media.
India-based True Balance is a mobile wallet used by over 30 million people to manage their money through their smartphone. The app enables users to track balances, check their mobile data, rate cutter expiry and view receipts.
This capital injection will be used for talent acquisition across its technology and business teams, they said. True Balance’s latest funding round brings its total equity investments to around $42m.
India’s FinTech sector has been very active this year, with this being the fifth company this month to close a deal. Last week, Indian FinTech Kaleidofin closed a $2.8m seed investment led by Omidyar Network, with participation from Blume Venture. The company provides intuitive and tailored financial solutions to the informal sector.
Other companies based in India to close deals this month include micro and small enterprise lender Veritas, e-commerce platform Paytm Mall and P2P lender Finzy.
Over 50 per cent of all deals in India’s FinTech space went to companies in either the payments and remittances or marketplace lending sector, according to data by FinTech Global.
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