True Balance has raised $23 million (about Rs 164 crore) from a clutch of investors, both new and existing, with the Seoul and Gurgaon-based fintech startup also receiving its non-banking financial company (NBFC) license from the Reserve Bank of India.
The latest round of funding has seen Korean investors, which includes NH Investment & Securities, IMM Investment, HB Investment, IBK Capital, D3 Jubilee Partners, SB Partners and Shinhan Capital, put in money into the company, which originally started out as a mobile balance management services startup, but since then has evolved into a financial services company.
True Balance also counts SoftBank Ventures Asia, the early-stage investment arm of the Japanese investment giant, as an investor, having raised capital from the latter in 2016 and 2017.
The startup has also received its NBFC license for its lending arm, True Credits, from the country’s central bank, making it the latest in a slew of venture-backed startups to have received the same over the past few months.
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