Truecaller on 6 October announced that it had acquired Bengaluru-based fraud detection service TrustCheckr to strengthen its offerings to enterprises.

The company has yet to disclose the deal size of the said acquisition; however, the acquisition is being financed through its cash reserves and will close in the last quarter of the current fiscal year.

TrustCheckr was founded in 2017 by Adhip Ramesh, Praveen Raj, and Shivraj Harsha. The company is a SaaS (software-as-a-service) platform that helps businesses verify their customers’ information and detect fraud risk based on phone numbers and digital signals.

As a part of this deal, TrustCheckr will bring its existing customers, such as Piramal Capital and
Housing Finance Ltd and IIFL Finance Ltd, along with its other potential customers, to Truecaller for business.

Caller identification and spam protection app Truecaller acquisition is expected to strengthen its enterprise risk intelligence tool that helps businesses minimise risk and fraud.

Truecaller founder Nami Zarringhalam said, “While our main focus has been on CallerID and spam protection, fraud calls and messages are increasing at an unprecedented rate globally by virtue of e.g. mobile banking. Fraudsters operate in a different manner than spammers so investing in elevating our fraud detection capabilities is a natural evolution for us.”