How much have we all wished that we have a single place where all our financial transactions are visible. However when we check around there are a very few such options. One startup that understood this pain point pretty well is True Balance.
New Delhi based True Balance, India’s leading balance and data management app, is a startup founded in 2014 by Cheol-won (Charlie) Lee. What led to the creation of this venture is the fact that 95% of the population in India uses a pre-paid mobile plan, hence the app was developed due to the constant necessity of checking balance and recharging. True Balance has shifted mobile balance alerts from text to infographics and made it convenient for users to easily check the balance, purchase pre-paid plans and track data usage. As of November 2017, True Balance has more than 50 million downloads in the Google Play Store and counting. Such impressive has been its growth that SoftBank Ventures Korea called True Balance ‘its most impressive investment till date’ during the second round of funding.
Cheolwon Lee is the founder and CEO of Balance Hero, which is a startup founded in 2014. Prior to that, Lee was the president and CEO of Access mobile, a provider of customized mobile solutions that addresses business and social needs. He was also associated with RealNetworks as the head of business for the Asia Pacific region. His personal awards and recognition include: Red Herring Global Top 100 Winner, Red Herring Asia Top 100 Winner, November 2013, Global ICT CEO by Ministry of Science, ICT and Future Planning, Korea, August 2013, Ministry Export Award by Ministry of Industry and Export, Korea, December, 2013
True Balance is under the process of patenting its automatic engine technology for comprehending text messages in Korea and India. This technology will be directly applied to users signed under plans from 10 telecom companies in 22 tel-co circles in India. The app enables users to check remaining balance in real-time even without the phone being connected to data service, in consideration with the low data connectivity in the country. In 2016, the app was selected in the App Starter Kit (collection of most used apps in the country) on the Play Store and has ranked No. 1 in the lifestyle app category.
True Balance enables pre-paid smartphone customers to track the consumption of balance and mobile data. Once a user launches the application, he/she gets the following benefits – display one’s remaining balance, rate cutter pack expiry date, the amount of data available for usage, call pack expiry date, promo balance remaining & expiry date and plenty more. It also allows users to track apps which eat MBs in the background. The app also features a shortcut bar on the notification tray which shows current balance for both SIMs, available data balance and active packs – without being connected to the internet! The app supports all major telecom companies, including Jio. The app features ‘One-click Recharge’ which enables users to recharge easily with the click of a button and includes a plethora of cashback offers. Moreover, one can get low balance and pack expiry alerts. It also allows users to track their all-time deductions history which helps users to plan their savings/expenditure in advance and recommends recharge plans based on past data usage.
Speaking on the mobile wallet launch Mr. Charlie Lee, CEO, True Balance said,
“By enabling digital payments on our platform, we are taking another important milestone which supports Indian
government’s vision of digital India. Our new feature will help Indians to make secure and seamless
utility payments from their mobile phones. The launch of mobile wallet is intrinsic to our strategy to
engage with users and increase revenues as well.”
Having received a nod of approval for wallet license from the Reserve Bank of India (RBI) earlier this year, the mobile balance checking company has now launched its new mobile wallet feature enabling next generation payment method. This feature will allow users to add money to wallet, do significantly faster and safer recharges and do peer to peer money transfers. Moreover, it will also enable users to transfer wallet money to one’s bank account.
So to sum it all, True Balance is the answer to all our banking related queries and will help us track our finances better.