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True Balance raises $23M to bring its payments app to more small cities and towns in India

South Korean startup True Balance, which operates an eponymous financial services app aimed at tens of millions of users in small cities and towns in India, has closed a new financing round as it looks to court more first-time users in the world’s second largest internet market.

The startup, which recently introduced e-commerce shopping services on its app to sell products like smartphones, has clocked $100 million in GMV sales in the country to date.

In recent years, many major companies in India have started to customize their services to appeal to users in India 2 and India 3 — who also have limited financial power.

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