Payments and API banking solutions company, Cashfree Payments (Cashfree) announced an equity investment of $15 million in Telr, a Payment Service Provider (PSP) in the UAE and Saudi Arabia. With this investment, Cashfree now becomes one of the largest shareholders in the company.
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.
With its one-stop mindset, Telr extended its services even further, offering a complete solution for the e-commerce 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.
Khalil Alami, CEO and Founder, Telr said, “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.”
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. The MENA region is witnessing a continuous transition towards cashless transactions, with traditional brick-and-mortar businesses moving towards expanding online offerings. The e-commerce businesses are also witnessing a drastic shift from high street to online shopping and this trend is expected to grow even more.
Cashfree has already established itself as one of the leaders in the payment solutions space in India, with successful operationalization and scaleups of industry-first solutions. Moreover, this strategic investment in Telr, will enable the company to launch its distinctive offerings in the MENA region utilizing Telr’s strong presence and payment infrastructure. In addition, Cashfree and Telr 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.
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