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Sweden-based Truecaller, a global platform renowned for verifying contacts and obstructing unwanted communications, today announced the acquisition of Unoideo Technologies Pvt Ltd, an India-based company that operates TrustCheckr.
What does TrustCheckr do?
TrustCheckr, through its SaaS platform, assists businesses in verifying customer information and discerning the risk of fraud based on phone numbers and digital signals.
According to the company's statement, TrustCheckr's current offering has attracted interest from companies in different industries with the most noticeable interest coming from banks, fintech, and other financial institutions.
How will the Acquisition benefit TrueCaller?
TrueCaller said the acquisition would help the company enhance its recently launched risk intelligence tool for enterprises by integrating advanced technology, thereby accelerating the roll-out of the offering.
"Fraud calls and messages are escalating at an unprecedented rate globally, particularly through mobile banking. Fraudsters operate distinctly from spammers, so enhancing our fraud detection capabilities is a logical progression for us," said Nami Zarringhalam, co-founder, Chairman, and Chief Strategy Officer at Truecaller.
He emphasized that the acquisition would not only augment the service and competence of Truecaller but also bring value to its users and fortify its existing enterprise offering and the newly launched Risk Intelligence services. "These services aim to support enterprises in minimizing risk and fraud," he said.
TrustCheckr winner of RBI's 2022 Global Hackathon
In 2022, TrustCheckr won the Reserve Bank of India's (RBI's) first global Hackathon -'HARBINGER 2021 - Innovation for Transformation' in the category of 'Social Media Analysis Monitoring tool for detection of digital payment fraud and disruption'.
It's worth noting that the acquisition brings with it existing customers like IIFL Finance Limited and Piramal Capital and Housing Finance Limited, along with several relationships with other potential customers for Truecaller for Business.
Additionally, Truecaller will be enriched with seven full-time employees and enhanced technological capabilities due to the acquisition.
The deal was finalized in the fourth quarter of 2023 and was financed through existing cash. It is anticipated to have a minor cash flow effect and is not expected to materially impact the financial results in 2023, the company added.
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