True Balance, the financial balance checking app start-up, just raised $28 million in a Series D financing round.
The South Korean app is aimed at users in smaller cities and communities in India where it provides financial services for individuals without bank accounts.
Some 300,000 transactions were made on the app in 2019, representing a growth of 50% over the previous year.
The company has raised $90 million to date.
It was launched in 2015 as a mobile app to check mobile balances and top-up credit. Since then, it has extended its services to include online lending and payment of utility bills.
Most customers of the app don’t have a credit score which means they can’t get loans from traditional financial institutions.
True Balance has made loans to over 6.7 million consumers already adding up to $13.5 million. It’s not entirely clear how many of these loans have been returned, but the company almost reached profitability in 2019.
With the latest investment, True Balance aims to expand its services to allow customers to book train tickets and pay for online shopping.