Truecaller, the leading global communications platform renowned for identifying spam and fraud attempts, has acquired Bengaluru-based Unoideo Technologies Pvt Ltd, the creators of TrustCheckr. This acquisition amplifies Truecaller’s fraud detection capabilities and strengthens its enterprise offerings, particularly the recently launched Risk Intelligence-services.
TrustCheckr, operating through a Software as a Service (SaaS) platform, specializes in verifying customer information and identifying the risk of fraud based on phone numbers and digital signals. The service has gained significant traction across various sectors, with notable interest from banks, fintech companies, and financial institutions.
Nami Zarringhalam, co-founder, Chairman, and Chief Strategy Officer at Truecaller, commented on the acquisition’s significance, stating, “Truecaller is the number one solution for identifying spam as well as fraud attempts globally. While our main focus has been on CallerID and spam protection, fraud calls and messages are increasing at an unprecedented rate globally. Fraudsters operate in a different manner than spammers, so investing in elevating our fraud detection capabilities is a natural evolution for us. The acquisition will add a great service and competence to Truecaller that we believe will both bring value to our users and strengthen our current enterprise offering.”
In 2022, TrustCheckr received recognition by winning the Reserve Bank of India’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.” TrustCheckr’s clientele includes prominent names such as IIFL Finance Limited and Piramal Capital and Housing Finance Limited, with potential for additional partnerships in Truecaller’s business segment.
This strategic move was finalized during the fourth quarter of 2023 and was financed using existing cash reserves. While it will have a minor cash flow impact, it is not expected to materially affect Truecaller’s financial results for 2023.
Truecaller is dedicated to fostering secure and relevant conversations among people while facilitating efficient connections between businesses and consumers. Operating in the digital age, the platform addresses the rampant issues of fraud and unwanted communication, particularly prevalent in emerging markets. With over 356 million active users, Truecaller plays an essential role in everyday communication, having amassed close to a billion downloads since its launch and successfully identifying and blocking nearly 50 billion unwanted calls in 2021.
Truecaller, headquartered in Stockholm since 2009, has consistently demonstrated entrepreneurial leadership, guided by a highly experienced management team. It became listed on Nasdaq Stockholm in October 2021.
