True Balance, a mobile wallet app, has reportedly secured $23m in its Series C round to support the introduction of new services.
The round was supported by seven Korean investors including NH Investment & Securities, IBK Capital, D3 Jubilee Partners, SB Partners, Shinhan Capital, IMM Investment and HB Investment, according to a report from TechCrunch.
The new funds will be used to enhance its existing services as well as support the addition of new features by the end of the fiscal year. Soon to launch tools payment services for bus and train ticket and digital gold, the article said.
Furthermore, the FinTech hopes to expand its lending and e-commerce services, as it targets a 100 million touch points by 2022.
The Indian FinTech platform helps consumers better manage their finances through their phones. A user can monitor their spending or pay various bills.
Additionally, True Balance offers consumers personal loan products of up to INR 50,000 ($706) when they are in need of quick cash. There is a minimum 30% interest rate for loans.
Last year, the company collected $23m in its Series B round from Line Ventures Corporation, Naver, Shinhan and TS Investments.
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