Under-the-radar payments app True Balance just clocked $100M in GMV in India
Away from the limelight of urban cities, where an increasingly growing number of firms are fighting for a piece of India’s digital payments market, a South Korean startup’s app is quietly helping millions of Indians pay digitally and enjoy many financial services for the first time.
The app, called True Balance, began its life as a tool to help users easily find their mobile balance, or topping up pre-pay mobile credit. But in its four years journey, its ambition has significantly grown beyond that. Today, it serves as a digital wallet app that helps users pay their mobile and electricity bills, and it also lets users pay later.
One thing that has not changed for the parent company of True Balance, BalanceHero, which employs under 200 people, is its consumer focus. It is strictly catering to people in tier two and tier three markets — often dubbed as India 2 and India 3 — who have relatively limited access to the internet, and lower financial power. And it remains operational just in India.
Even as India is already the second largest internet market with more than 500 million users, more than half of its popular remains offline. In recent years,