India-based payments and API banking solutions company Cashfree has picked up a majority stake in UAE and Saudi Arabia-based payment service provider (PSP) Telr for US$15 million.
The strategic investment will enable Cashfree to launch its offerings across the MENA region through Telr’s presence and payment infrastructure.
The two companies also have plans to build a unified cross-border payments platform. The platform will allow Indian merchants to accept payments from MENA-based customers and vice-versa through a single integration.
Cashfree products are currently used in eight other countries outside India, including the UAE.
“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 e-commerce ecosystem supporting the UAE in its transition into a cashless economy; and contributing to the KSA Vision 2030. In short, this combined effort will translate into greater benefits for our customers and the markets we operate in,”
CEO and Founder of Telr Khalil Alami said.
Telr is a UAE-headquartered payment gateway solutions provider that is enabled for over 120 currencies. Payment methods include Visa, Mastercard, American Express, UnionPay, Apple Pay, PayPal, SADAD, Mada and STCPay.
The company also offers social commerce, QR Codes, and digital invoicing solutions. It provides a buy now pay later solution in collaboration with Tabby, Telr Finance in collaboration with LNNDO, a merchant financing program, and Telr Shops for creating online stores as well.
Telr was founded in 2014 and has offices in Saudi Arabia, Singapore and India as well. The company had last raised an undisclosed round of investment in 2019 from existing investors, including the iMENA Group. Funds were raised for the company’s expansion across the GCC and the wider MENA region.
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