Caller identification company Truecaller on Friday said it has acquired Bengaluru-based Unoideo Technologies, which provides fraud detection services via TrustCheckr. The acquisition will strengthen Truecaller’s risk intelligence tool for enterprises which was launched last week.
Truecaller did not close the deal size but said the acquisition is being financed through existing cash.
TrustCheckr is a software-as-a-service (SaaS) platform that helps businesses verify customer information and detect fraud risk based on phone numbers and digital signals.
While Truecaller’s main business is CallerID and spam protection, fraud calls and messages are increasing at an unprecedented rate globally. “The combination of the skills that TrustChekr has in identifying fraudsters through external signals of fraud with Truecaller’s internal signals will be really powerful,” said Nami Zarringhalam, co-founder, chairman and chief strategy officer at Truecaller.
“Fraudsters operate in a different manner than spammers, so investing in elevating our fraud detection capabilities is a natural evolution for us,” Zarringhalam added.
In a statement, Truecaller said that TrustCheckr’s offerings have drawn noticeable interest from banks, fintech and other financial institutions.
Unoideo counts IIFL Fintech Fund among its investors. The startup has been in operation since 2017 and raised a total of $1.1 million.