SBI-backed CashFree acquires majority stake in UAE-based payments firm, Telr
CashFree Payments, supported by India’s largest lender, State Bank of India, has purchased a majority investment in Telr, a payment solution provider (PSP) based in the United Arab Emirates. With this investment, CashFree has become the single largest stakeholder with a $15 million investment. In addition, the company is in talks with a number of fintech firms for the goal
of acquisition, according to Akash Sinha, co-founder and CEO of CashFree.
He went on to say that the business will use the money to create frictionless merchant-led cross-border payments and expand into Middle Eastern countries, where internet payments account for only 2% of total transactions. In the merchant payments market, Sinha said the company is actively aiming to grow in South-East Asia. In addition to Cashfree, Pinelabs, a financial unicorn, is a major player in these sectors.
Telr’s strong footprint and payment infrastructure will enable the company to deploy its unique products in the MENA area as a result of this strategic investment. In addition, Cashfree and Telr plan to create a unified cross-border payments platform that would allow Indian merchants to accept payments from clients in the Middle East and North Africa (MENA) and vice versa through a single integration, according to the company. Telr provides access to all payment methods, including Visa, Mastercard, American Express, UnionPay, Apple Pay, PayPal, SADAD, Mada, and STCPay, through a single connection.
With its one-stop mentality, Telr expanded its services even further, now providing a complete ecommerce solution that includes 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 programme, and Telr Shops, an easy-to-use tool for creating an online store in minutes.In terms of its core India market, Sinha stated that, despite fierce competition in the fintech field in India in recent years, CashFree’s product suite, which includes payment collection, lending, and payouts, has enabled it to onboard over 1.3 lakh merchants. Since July 2020, when it had onboarded 70,000 merchants, it had grown by 95%.
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