Truecaller acquires fraud detection service 'TrustCheckr'

New Delhi, Oct 6 Leading caller identification app Truecaller on Friday said it has acquired the Bengaluru-based company Unoideo Technologies Pvt Ltd that provides the service TrustCheckr, which, through a SaaS (software-as-a-service) platform, helps businesses verify customer information and detects risk of fraud based on phone numbers and digital signals.

The acquisition will strengthen Truecaller’s risk intelligence tool for enterprises which was launched last week, the company said.

The acquisition also added seven full-time employees and improved tech capabilities to Truecaller.

“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 which includes the newly launched Risk Intelligence-services where we support enterprises to minimise risk and fraud,” Nami Zarringhalam, co-founder, Chairman and Chief Strategy Officer at Truecaller, said in a statement.

TrustChekr brings existing customers like IIFL Finance Limited and Piramal Capital and Housing Finance Limited plus a number of relationships with other potential customers for Truecaller for Business.

This business decision has been finalised during the fourth quarter of 2023 and is financed through existing cash. It will have a minor cash flow effect and is not expected to have a material impact on the financial results in 2023, according to the company.

In the first quarter of this year, India accounted for 75.5 per cent of the total net sales of Truecaller across revenue streams -- Truecaller for Business, Premium subscriptions and Ads.

Revenue from Truecaller for Business amounted to $3.3 million. The company said that demand for these services is still very high in India, and the number of connected customers continues to show good growth in the country.