True Balance gets $23 mn in funding

True Balance, a digital wallet and financial services platform, said on Friday that it had raised $23 million.

The funding round saw participation from Japan-based global messenger Line Ventures Corporation, Korean search engine Naver, Korean bank Shinhan Bank along with TS Investment and others.

The firm said it intended to use the funds for talent acquisition and expanding the benefits of need-based financial services. It added it was also testing a ‘first of its kind micro-loan service’ offering.

Charlie Lee, CEO, True Balance said the freshly infused Japanese and Korean capital highlights Indian fintech market’s high potential for steep growth and would serve as a new global platform for fintech players. “Our goal is to reach 100 million touchpoints and become one of the biggest fintech companies by next year,” said Mr.Lee, in a statement.