True Balance said to raise $28m in its Series D round

South Korea-based True Balance has reportedly collected $28m in its Series D round, as it expects to reach profitability next year.

SoftBank Ventures Asia, Naver, BonAngels, Daesung Private Equity and Shinhan Capital supported the round, according to a report from TechCrunch.

Funds from the round will be used to help the FinTech break even and then pursue profitability. It also hopes to reach more unbanked consumers in India.

The company offers a mobile wallet aimed at consumers in India to make bill payments, purchase insurance and take out loans.

Its platform, which was founded in 2017, has grown by 300% over the past three months, it claims.

True Balance has distributed $13.5m in small loans to more than 6.7 million consumers, with the size of loans ranging from $6.75 to $675, the article said.

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