Since our inception in 2015, Cashfree Payments has become one of the leaders in the payments and API banking space in India, with a wide range of products and serving over 100000 merchants.
What started as an idea to help small businesses solve their payment collection needs, Cashfree Payments is now a force to reckon with, serving over 100000 merchants across 23 countries and processing over $20billion transactions per year.
In our next big step towards democratizing payments and API banking for businesses, we have now made an equity investment of $15 million in Telr, a leading Payment Service Provider (PSP) in UAE and Saudi Arabia.
Telr is one of the most trusted and popular payment companies in the MENA region, facilitating digital payment acceptance for merchants through a payment gateway solution, supporting multiple shopping cart integrations, 30 languages and 120 currencies, using a direct or aggregated model.
The company offers comprehensive solutions like fraud protection, multi-currency processing, checkout optimization, recurring payments, primarily catering to SMEs.
The prime objective of this investment is to find new markets for innovations we launched in India and, at the same time, equip Telr to strengthen its product and technology play and help them be #1 payment service provider in the region.
This investment also creates an opportunity for us to understand the global landscape of consumer behaviour and how we can leverage it to build a truly world-class fintech company based out of India. India being a leader in fintech (and payments to be more specific) gives us the ability to quickly innovate and test them out in a large market.
Telr’s credibility and significant operations in the MENA region also poses an exciting opportunity for us to jointly extend our innovative and effective solutions in this market. We are looking at this strategic investment as an opportunity to tap into the attractive and growing online consumer market in the MENA region, empowering businesses to adapt to the fast-growing online market and securing payments which is increasingly moving towards a cashless ecosystem.
With our insights and experience from the Indian market, we look forward to partnering with local players and improving the service offerings significantly.
Onwards and upwards!