Truecaller is planning to launch Truecaller Pay to provide credit to SMEs in Nigeria ahead of its IPO. This will be launched in the first half of 2020 before expanding to other African markets.
Truecaller is a Swedish company that offers a caller identification platform. It was formerly known as True Software Scandinavia AB initially aimed at providing information about calls. It has since added messaging and call functionality to its services. Truecaller now offers caller identification, call blocking, flash messaging, call recording, chat, and voice over internet services.
See Also: Truecaller Report blames Telecom Operators for 85% Spam Calls & SMS in Nigeria
In 2017, the company started offering mobile money services in India. It started a pilot fintech program where it offers the service to about 140 million users by early 2020. It also helps businesses to set up profile pages with details about their offerings, opening hours and other information.
Alan Mamedi the CEO said that about 20 million of its users are small business owners. It will extend credit to business owners as financial partners in preparation for an IPO by 2022.
In an interview, Mamedi also revealed that in the next three years, revenue from subscriptions, advertising and fintech will be equal in size for Truecaller. “There is a large potential in a market where very few are banked and digitized,” he added.
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