Cashfree Payments, India-based leading payment and API banking solutions company, has announced an equity investment of $15 million in Telr, UAE-based leading payment service provider (PSP).
Cashfree has already established itself as one of the leaders in the payment solutions space in India, with successful operationalization and scale-ups of industry-first solutions. This investment will make Cashfree one of the largest shareholders in the company.
With this strategic investment in Telr, Cashfree will be enabled to launch its distinctive offerings in the Middle East North Africa (MENA) region utilizing Telr’s strong presence and payment infrastructure.
In addition, the two firms aim to develop a unified cross-border payments platform that would help Indian merchants accept payments from customers in the MENA region and vice-versa, via a single integration.
Mr. Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We are elated the strategic investment in Telr, which aligns well with our aspiration to be the leader in the rapidly evolving digital payments space in the MENA region and overall global expansion goals.”
Telr, the UAE-based award-winning payment gateway solutions provider, offers a unique platform that enables handling payments in over 120 currencies and 30 languages with the highest level of security. Through a single integration, Telr grants access to every payment method it offers, including Visa, Mastercard, American Express, UnionPay, Apple Pay, PayPal, SADAD, Mada and STCPay.
The investment is highly significant for Cashfree as the MENA region offers a large, attractive and growing online market, with payments representing the highly developed sub-sector within the region’s fintech space.
“We are excited about this new investment into Telr. Joining forces with Cashfree Payments will further enable us to continue on our innovation and growth journey. Our offerings and partnerships aim to assist in reaching an integrated eCommerce ecosystem supporting the UAE in its transition into a cashless economy and contributing to the Saudi vision 2030. In short, this combined effort will translate into greater benefits for our customers and the markets we operate in.”
The MENA region is witnessing a continuous transition towards cashless transactions, with traditional brick-and-mortar businesses moving towards expanding online offerings. The eCommerce businesses are also witnessing a drastic shift from high street to online shopping and this trend is expected to grow even more.
With its one-stop mindset, Telr extended its services even further, offering a complete solution for the eCommerce world, covering a wide range of financial and business services including, social commerce, QR Codes, digital invoicing, Telr Buy Now Pay Later (BNPL) in collaboration with Tabby, Telr Finance in collaboration with LNNDO, a merchant financing program, and Telr Shops the easy-to-use tool for creating an online store in minutes.