Truphone raises $339m to fuel global expansion
What would you do with $339 million? UK-based mobile operator Truphone gets to answer that question as it closes its $339 million (£255 million) private equity round, writes Julie Muhn at Finovate (Banking Technology‘s sister publication).
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.
Truphone’s HQ is in London and it also has offices in Australia, Germany, Hong Kong, the Netherlands, Poland, Portugal, Spain, and in three cities across the US in New York, North Carolina, and Ohio.
Truphone CEO Ralph Steffens says 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. Truphone 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 ten countries. In July, Truphone formed a strategic partnership with Apple to allow iPad users to stay connected across 50 countries.