True Balance, fintech startup raises $28 Mn Series D funding

Featured image: Charlie Lee, CEO & Founder, Balance Hero Co. Ltd

LAFFAZ Media

Gurugram and Korea-based mobile balance management service startup, True Balance, on Wednesday announced that the company has raised a whopping $28 million in Series D funding round led by Korea’s NH Investment & Securities, IMM Investment, HB Investment, IBK Capital, D3 Jubilee Partners, SB Partners and Shinhan Capital.

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Launched by Charlie Lee in 2014, True Balance is operated under BalanceHero India Pvt. Ltd, a subsidiary of Balance Hero Co. Ltd., Korea. The company began its operations in India post-receiving license from RBI in 2017.

The company claims that it witnessed 100 percent month-on-month growth after introducing its lending feature in November 2019. But the business was affected during COVID-19 scenario. Charlie in a press statement claimed that True Balance started to recover from August onwards.

“Only August onwards the business started recovering and now has a 200-300% month on month growth rate,”

The company is aiming to utilise fresh funds to reach break-even and soon profitability. It is also working to reach more underbanked users in India.

Wajiha Wahab
Wajiha Wahab

Part of the editorial team at LAFFAZ, Delhiite by birth, Wajiha possesses a keen interest in reading about startups, accumulating information and presenting the same to the audience impressively.
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