SoftBank Ventures Korea has invested an undisclosed amount in True Balance, an app founded by a South Korean expatriate to keep track of the balance on prepaid mobile accounts.
Gurgaon-based True Balance will use the money from its series-A fundraise to accelerate its expansion and develop its product development team.
Started in September 2014, by Charlie (Cheolwon) Lee, True Balance provides balance check, call log, data pack assessment, and recharge service for prepaid accounts on Android smartphones. It also provides real-time information on best plans and offers from telecom operators, and helps users earn and recharge their prepaid mobile accounts. The True Balance app is available in seven telecom circles.
“The True Balance application retires the old, inconvenient way of checking your mobile balance,” said JP Lee, Director, SoftBank Ventures Korea. True Balance is built for “centralising and analysing balance log data, enabling it to be the valuable as a mobile wallet for the future.” The investment follows True Balance’s recent announcement of registering more than 25 lakh downloads within 17 months since its establishment.
