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Business EconomyPosted at: Nov 30 2021 12:42PM


Cashfree Payments eyes Middle East expansion with USD 15 mn investment in Telr

New Delhi, Nov 30 (UNI) Payments and API banking solutions company, Cashfree Payments on Tuesday announced an equity investment of $15 million in Telr, a leading payment service provider (PSP) in UAE and Saudi Arabia.
With this investment, Cashfree becomes one of the largest shareholders in the company after establishing itself in the payment solutions space in India with successful operationalisation and scale-ups of industry-first solutions, a company statement said here.
The investment in Telr will enable Cashfree to launch its distinctive offerings in the Middle East and North Africa (MENA) region utilising 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. Telr’s platform enables handling payments in over 120 currencies and 30 languages with the highest level of security, using a single integration system to grant 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. According to Akash Sinha, CEO and co-founder, Cashfree Payments, the strategic investment in Telr aligns well with the company’s strategy to have a prominent role in the rapidly evolving digital payments space in the MENA region and overall global expansion goals. The 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.
For Telr, says Khalil Alami, CEO and Founder, the alliance with Cashfree Payments will enable it to further its innovation and growth plans and translate into greater benefits for the company’s customers and the markets it operates in. With over 50% market share among payment processors, Cashfree leads the way in bulk disbursals in India with SBI making a recent investment.

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Tags: #Cashfree Payments eyes Middle East expansion with USD 15 mn investment in Telr
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