Swedish spam protection company Truecaller AB has acquired Bengaluru-based TrustCheckr for an undisclosed amount as the giant looks to boost its recently launched risk intelligence tool.
TrustCheckr, through its SaaS platform, helps businesses verify customer information and detect the 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 giant said in a statement on Friday.
While Truecaller's main focus has been on CallerID and spam protection, fraud calls and messages are increasing at an unprecedented rate globally, it said. "Fraudsters operate in a different manner than spammers, so investing in elevating our fraud detection capabilities is a natural evolution for us."
This acquisition has been finalised during the fourth quarter of the calendar year 2023 and is financed through existing cash, Truecaller said. It will have a minor cash flow effect and is not expected to have a material impact on Truecaller's financial results in 2023.
TrustChekr will also bring on existing customers, like IIFL Finance Ltd. and Piramal Capital and Housing Finance Ltd., apart from seven full-time employees.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
