case / 12 Feb 2019

Setterwalls has assisted True Software Scandinavia in the acquisition of Backwater Technologies

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Setterwalls has assisted True Software Scandinavia AB (“Truecaller”) in the acquisition of the Indian fintech company Backwater Technologies Private Limited (“Backwater Technologies”).

Truecaller is a global communication app with services in messaging, caller ID, spam detection, and dialer functionalities. Truecaller also offers a payment solution whereby users can transfer money to other users and pay cashless directly in stores. The company has over 100 million daily active users and Truecaller is available globally. Backwater Technologies has developed the Chillr payment app that enables cashless transactions and payments. This technology will be integrated into Truecaller’s product to further develop Truecaller’s payment and money transfer services. Furthermore, the acquisition also means that Truecaller more than doubles its workforce in India.

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