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.
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.
“Truphone continues to be the driving force reshaping the global mobile industry,” said Ralph Steffens, CEO, Truphone. “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.”
The investment comes shortly after Truphone agreed to 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.
“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,” said Steffens. “It is an important step in achieving our long-term goal to power billions of connected devices around the world.”
Truphone's patented SIM-technology is designed to enable the creation and distribution of SIM profiles over the air. The network architecture and technology stack allows the company to supply differentiated services to its 3,500 existing Enterprise customers. These include a secure, regulated mobile recording service, which already is being used by Tier 1 investment banks. Truphone services are available in 220 countries and territories.
Ken Briodagh is a writer and editor with more than a decade of experience under his belt. He is in love with technology and if he had his druthers would beta test everything from shoe phones to flying cars.Edited by
Ken Briodagh
