Sinch AB Is Alleged to Be the Largest Enabler of Scam Calls in the Western Hemisphere
"Inteliquent is responsible for almost half the robocalls in the US" — Anti-Robocall Task Force, Dec. 2025
Sinch AB is a Swedish cloud communications company that grew rapidly through acquisitions, completing its major roll-up by end of 2021. Its largest and most strategically significant purchase was Inteliquent, described by Sinch as "the largest independent voice network in the United States." Following the Inteliquent acquisition, Sinch's total revenue jumped from SEK 16.2 billion to SEK 27.7 billion, with North America growing to over 62% of total revenues.
Sinch sells communication tools to businesses — think the technology behind automated text messages, verification codes, and phone calls from companies like banks or delivery services. Its subsidiary Inteliquent operates at a deeper layer: it is a wholesale infrastructure provider that phone carriers, apps, and VoIP services use to route calls. Rather than talking to consumers directly, Inteliquent sells in bulk to other telecoms and platforms, providing the phone numbers and network backbone they need to operate. Grizzly Research alleges this wholesale structure has allowed bad actors to route billions of fraudulent calls through Sinch's infrastructure while the company profits.
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Inteliquent is alleged by a multistate Attorney General task force to be responsible for approximately 45% of all Amazon, Apple, and government imposter robocalls in the US — an estimated 450 million Amazon/Apple scam calls and 1.425 billion SSA/IRS imposter calls between 2020 and 2024. Regulatory
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Inteliquent received 9,712 traceback notices since 2019 — official alerts that it had routed suspected illegal robocall traffic — including 5,728 notices sent after regulators first flagged concerns in August 2022, indicating no meaningful corrective action was taken. Regulatory
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Sinch's fraud, KYC, and compliance function is alleged to be critically understaffed — approximately 20 people company-wide, versus 149 at rival Twilio. Former employees stated that when Inteliquent was independent, only one or two people worked on compliance. Governance
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Grizzly alleges Sinch may be consciously tolerating fraudulent traffic given the financial benefit of selling large blocks of phone numbers to bad actors and routing the calls they generate — described as a grey-market business with "the best profit margins." Governance
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None of the ongoing regulatory investigations — including the December 2025 multistate AG task force notice — have been disclosed to investors in Sinch's public filings, despite the company reportedly being in ongoing dialogue with the task force. Disclosure
Only Sinch (20) and Twilio (149) are explicitly stated in the report. Grizzly notes that Infobip and Bandwidth also had higher totals than Sinch, but does not publish precise figures. Twilio generates roughly twice Sinch's revenue, but Grizzly argues the comparison is valid given Sinch/Inteliquent's scale as the largest wholesale voice infrastructure provider in the US.
Grizzly Research concludes that Sinch has evolved into one of the largest facilitators of scam calls in the Western Hemisphere through its ownership of Inteliquent, and that regulators are now closing in. Grizzly believes enforcement actions carry the potential to materially impair Sinch's revenue and valuation — risks the company has not disclosed to investors.