TRUPHONE Raises £255M, Retires Its Debt & Expands Aggressively Into IoT
LONDON, October 3, 2017 /PRNewswire/ --
New funding to power global expansion plans, build strategic partnerships & develop new services
Truphone, the first global mobile operator, today announces it has raised £255m in funding through a successful rights issue. The funds will be used to retire all of its debt and fuel the global expansion of the business.
This new investment will help Truphone deliver on its ambitious plan to disrupt the trillion-dollar mobile industry and power the world's connected devices, which are expected to total 50 billion by 2020[1].
This represents a pivotal moment for Truphone. It has now repaid the debt incurred during the development of its unique, fully globalised mobile connectivity platform.
Ralph Steffens, CEO, Truphone said:
"Truphone continues to be the driving force reshaping the global mobile industry.
Our disruptive Connectivity EcoSystem combines mobile connectivity, next generation SIM technology and a market-leading management platform. As a result of this unique proposition, we are able to offer highly differentiated Enterprise products and are the enabler of choice for disruptive IoT and eSIM solutions."
"I see this latest investment as a significant vote of confidence from our investors in our growth strategy, and our ambition to continue scaling the business globally. It is an important step in achieving our long-term goal to power billions of connected devices around the world."
Truphone's vision is that mobile connectivity capabilities will be embedded at the point of manufacture in any IoT or consumer device in the future. This means the process of connecting will be simpler, enabling devices to go anywhere in the world and offering an out of the box connectivity experience.
The investment comes shortly after Truphone agreed a strategic partnership with Apple. Truphone connectivity will be locally available in more than 50 countries on Apple eSIM, which allows iPad users to get online and stay connected whether at home or travelling internationally. The Apple agreement represents a landmark moment for Truphone as it builds on its status as the first global mobile operator.
Truphone's patented SIM-technology enables the creation and distribution of SIM profiles over the air. The unique network architecture and technology stack allows the company to supply highly differentiated services to its 3,500 existing Enterprise customers. These include a secure, regulated mobile recording service, which is being used by the majority of leading Tier 1 investment banks. Truphone services are available in 220 countries and territories.
Established in 2006, the business has experienced rapid growth in recent years and is expected to be profitable in 2018. It has more than 350 staff in 10 countries and is expected to continue building on its reputation as a disruptive enabler in the emerging IoT EcoSystem.
About Truphone:
Truphone's pioneering technology is changing the way the world communicates, creating a whole new set of possibilities for businesses and consumers alike.
Headquartered in London, our global network and patented SIM technology powers connectivity on the move. We are the organisation developing and delivering game-changing products and services: the eSIM for all new Apple iPads available in 31 countries by the end of 2017; IoT solutions that already power connected cars; and global mobile call recording solutions that enable trading compliance for financial institutions.
More than 3,500 companies rely on us as their business mobile provider. The majority of the world's largest Tier 1 investment banks entrust Truphone globally with their mobile voice and SMS recording, which helps meet the challenging requirements of MiFID II regulation, being imposed on 3rd January 2018 by the EU.
(1) Software.org: the BSA Foundation (2017), ‘Connecting to New Opportunities Through Connected Devices’ , https://software.org/press-release/connecting-to-new-opportunities-through-connected-devices/
To learn more, visit truphone.com
Contacts:
Catherine Gibbon
+44-(0)-7408811675
catherine.gibbon@truphone.com
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