Truphone Raises $339 Million to Fuel Global Expansion

What would you do with $339 million? London-based mobile operator Truphone gets to answer that question today, as the company closes its $339 million (£255 million) private equity round. This brings Truphone’s total funding to more than $430 million.

The company will use the funds to retire its debt, help it “disrupt the trillion-dollar mobile industry and power the world’s connected devices,” and fuel its global expansion. Aside from its London headquarters, Truphone currently has offices in Australia, Germany, Hong Kong, the Netherlands, Poland, Portugal, Spain, and in three cities across the U.S. in New York, North Carolina, and Ohio.

Truphone CEO Ralph Steffens said that the funding will empower the company to “offer highly differentiated Enterprise products and are the enabler of choice for disruptive IoT and eSIM solutions.” Steffens adds, “It is an important step in achieving our long-term goal to power billions of connected devices around the world.”

Founded in 2006, Truphone leverages eSims (software-based SIMs) to enable mobile customers to use their voice and data allowances across 40 countries without incurring roaming charges. In addition to SIM-based data plans, Truphone also offers mobile plans for businesses and a mobile recording solution, which it showcased at FinovateEurope 2014Truphone Mobile Recording enables businesses and banks to record, encrypt, and store mobile communications securely and without disrupting the user experience.

The company has 350 employees across 10 countries. In July, Truphone formed a strategic partnership with Apple to allow iPad users to stay connected across 50 countries. Earlier this fall, the company earned its spot on the Inc. 5000 Europe list, which ranks private companies based on three-year revenue growth.

Finovate Alumni News

On Finovate.com

  • Truphone Raises $339 Million to Fuel Global Expansion.
  • Best of Show Winner Voleo and Nasdaq to Launch Equity Trading Competition.

Around the web

  • New York Life launches student loan repayment program; partners with Student Loan Genius.
  • NCR unveils new mPOS solution, Ring Up, designed for U.S. micro businesses.
  • Investr to offer fractional share trading via partnership with DriveWealth.
  • MarketEarlybird announces availability on cloud-based workflow and collaboration platform, Symphony.
  • Quadient (formerly GMC Software) expands Partner Advantage Program.
  • Top Image Systems eFLOW Remit tops 50 billion transactions.
  • Ondot Systems brings its card control technology to Access Softek mobile banking platform.
  • Pendo launches Pendo Machine Learning Platform (PMLP).
  • ICBA adds CECL Solution from ProfitStars to Preferred Service Provider Program
  • Finastra adds three new CU clients
  • Kony to power next-gen digital platform for NRT and Sightline.
  • Pendo Systems selected by SWIFT as One of 16 Fintechs to Exhibit at SIBOS 2017.
  • 35 Finovate alums named in IDC Financial Insights’ top 100 fintech rankings

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

12 Alums Earn Their Place on Inc. 5000 List

Inc. released its lists of the fastest-growing 5,000 private companies in the U.S. and Europe this week. Eight Finovate alums made the U.S. list and four earned spots on the Europe list. To qualify*, companies were required to be privately-owned and independent.

Inc. 5,000 U.S.

Overall in the U.S., financial services companies saw a 151% growth rate, while IT services experienced 112% growth, security 171% growth, and software grew 134%. Out of the 5,000 companies listed in 28 industries, here are the eight Finovate alums that earned their place on the list:

Alkami Technology

  • Rank: 176
  • 2016 revenue: $11.9 million
  • 3-year growth: 24x
  • Founded: 2009
  • Employees: 192
  • Ranked number 11 in top software companies, number 8 in top Dallas companies, and number 13 in top Texas companies.

Alkami debuted under the name iThryv at FinovateSpring 2009 in San Francisco.

nCino

  • Rank: 361
  • 2016 revenue: $26.1 million
  • 3-year growth: 12.2x
  • Founded: 2012
  • Employees: 273
  • Ranked number 24 in top software companies and number 10 in top North Carolina companies.

nCino debuted its bank operating system at FinovateEurope 2017 in London.

Tango Card

  • Rank: 373
  • 2016 revenue: $10.6 million
  • 3-year growth: 11.6x
  • Founded: 2009
  • Employees: 57
  • Ranked number six in top Seattle companies and number six in top Washington companies.

Tango Card debuted its Rewards as a Service API at FinovateFall 2016 in New York.

Kabbage

  • Rank: 449
  • 2016 revenue: $172 million
  • 3-year growth: 9.8x
  • Founded: 2009
  • Employees: 325
  • Ranked number 24 in top financial services companies, number 14 in top Atlanta companies, and number 16 in top Georgia companies.

At FinovateSpring 2015, Kabbage debuted the Kabbage Card. Kathryn Petralia, the company’s President, Chief Operating Officer and Co-Founder, will be featured on our Digital Lending Summit panel on September 13. Register today to save your spot.

Lighter Capital

  • Rank: 634
  • 2016 revenue: $6.4 million
  • 3-year growth: 7.1x
  • Founded: 2010
  • Employees: 36
  • Ranked number 10 in top Seattle companies and number 11 in top Washington companies.

Lighter Capital debuted its Next-Generation Loan Analysis & Monitoring at FinovateFall 2013 in New York.

defi SOLUTIONS

  • Rank: 771
  • 2016 revenue: $11.4 million
  • 3-year growth: 5.9x
  • Founded: 2012
  • Employees: 59

defi SOLUTIONS showcased its loan origination solution at FinovateSpring 2014.

Cardlytics

  • Rank: 1069
  • 2016 revenue: $112.8 million
  • 3-year growth: 4x
  • Founded: 2008
  • Employees: 325

At FinovateFall 2013, Cardlytics showcased its geolocation application.

Payoneer

  • Rank: 1912
  • 2016 revenue: $100 million to $500 million
  • 3-year growth: 2x
  • Founded: 2005
  • Employees: 100 to 249
  • Is a five-time Inc. 5,000 honoree
  • Awarded as a Best Place to Work

Payoneer showcased its Commercial Account at FinovateAsia 2013.

Inc. 5,000 Europe

This is Inc’s third annual ranking of private companies in Europe, based on three-year revenue growth. In its analysis, Inc. ranked Paris, Romania, Sweden, Slovakia, and London as the top five regions with the highest number of fastest growing companies in Europe. Four Finovate alums landed on Inc.’s Europe list this year:

True Potential

  • Rank: 900
  • 2015 revenue: $52.6 million (€44.9 million)
  • 3-year growth: 6.9x
  • Founded 2010
  • Employees: 29

True Potential demonstrated impulseSave at FinovateFall 2014

Zopa

  • Rank: 909
  • 2015 revenue: $32.9 million (€28.1 million)
  • 3-year growth: 6.9x
  • Founded: 2004
  • Employees: 111

Zopa showcased its P2P lending platform at FinovateSpring 2008.

Fidor Bank AG

  • Rank: 4413
  • 2015 revenue: $35.5 million (€30.3 million)
  • 3-year growth: 2x
  • Employees: 148

At FinovateEurope 2011, Fidor Bank demonstrated its Fidor Pay account.

Truphone

  • Rank: 4183
  • 2015 revenue: $42.9 million (€36.6 million)
  • 3-year growth: 2.9x
  • Founded: 2001
  • Employees: 522

Truphone showed off Truphone Mobile Recording at FinovateEurope 2014.


*Other qualifying criteria include

  • Have started earning revenue by March 31st, 2013
  • Had revenue no less than $100,000 in 2013
  • Had revenue no less than $2,000,000 in 2016
  • Revenue in 2016 exceeds revenue in 2013

Truphone Added to List of Carriers for Apple SIM

Truphone, a mobile operator without borders, is working to make the world a bit more flat. The company announced today that it is leveraging the Apple SIM card to offer data plans for iPad users in the U.K.

Founded in 2006, Truphone operates by patching together capacity from multiple carriers, enabling customers to use their voice and data allowances without incurring roaming charges. The company is able to do this by using eSIMs, software-based SIMs, rather than chip-based SIMs. The new arrangement covers roaming in 40 countries: Australia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, French Guiana, Germany, Greece, Guadeloupe, Guernsey, Hong Kong, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Martinique, Monaco, Netherlands, Norway, Poland, Portugal, Puerto Rico, Romania, Slovakia, Slovenia, Spain, Sweden, U.K., the U.S., Reunion Island, Vatican City.

The London-based company has previously launched iPad data plans for users in Hong Kong, the U.K., Spain, and Poland. By the end of 2017, Truphone hopes to introduce the same service for 30 countries, and anticipates that number will reach 50 by 2018. In addition to SIM-based data plans, Truphone also offers mobile plans for businesses and a mobile recording solution, which it showcased at FinovateEurope 2014. Truphone Mobile Recording enables businesses and banks to record, encrypt and store mobile communications securely, and without disrupting the user experience.

Truefone has 11 offices across the globe and employs 400 people. Ralph Steffens is CEO.

Finovate Alumni News

On Finovate.com

  • WorkFusion Closes $35 Million in Funding

Around the web

  • Klarna teams up with ASOS Partners to bring “pay after delivery” to Nordics.
  • Luxembourg’s Rakuten Europe Bank goes live with core and digital banking technology from Temenos.
  • Wipro to acquire Brazilian IT banking services provider, InfoSERVER.
  • Let’s Talk Payments interviews Kontomatik CEO Marcin Truszel.
  • Financial transactions optimized using Nomis Solutions technology exceeds $1.5 trillion in 2016.
  • Finextra: Worldpay partners UnionPay for bumper Chinese New Year.
  • Truphone launches Global SMS recording solving the Blackberry migration challenge.
  • Sberbank launches a new corporate online banking platform designed together with IBM iX.
  • WISeKey partners with Stratumn to use Blockchain for real-time accountability and traceability.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– April 1, 2014

  • Finovate-F-Logo.jpgNBC Chicago hosts Bolstr to discuss crowdfunding and SMB growth.
  • Actiance’s Socialite gets new features for better UX on native websites & more integrations w/ CRM platforms.
  • FIS’ licensing agreement to make the Visa EMV debit solution available to all NYCE debit network participants.
  • Truphone is offering unlimited voice and SMS recording through June.
  • Misys launches new Regulatory Reporting Service to help managers and banks meet EMIR regulations.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Truphone Helps Banks Stay Compliant with its Mobile Recording Technology

This post is part of our live coverage of FinovateEurope 2014.

TruphoneLogoFEU14.jpg

Afterwards, Truphone demonstrated how its Mobile Recording technology helps banks stay compliant:
“The Dodd-Frank Act poses banking technologists with a technical and compliance problem. They must record all mobile phone communications relevant to a trade. Today, most banks do not record mobile devices, they fall outside of their technology stack. Communication is invisible; and that’s why the regulation now exists. 
With Truphone Mobile Recording, businesses record, encrypt and store their mobile calls and text messages, simply and securely – without changing the user experience. Truphone Mobile Recording is available as a secure hosted solution, or can be integrated with existing recording equipment.”
Presenting Paul Liesching (SVP Mobile Recording) and Tom King (Enterprise Account Manager)
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Product Launch: September 2013 (USA), UK Launch November 2011
Metrics: Raised over £200M, circa 700 employees in ten offices across four continents, counts 3 of the top 5 banks in the world as customers, plus many of the FTSE 100 and Fortune 1000.
Product distribution strategy: Direct to Business (B2B), through other fintech companies and platforms
HQ: London, UK
Founded: June 2006
Website: truphone.com
Twitter: @Truphone