Fintech startup Cashfree Payments has announced its acquisition of a majority stake valued at US$15 million in UAE and Saudi Arabia-based digital payments service provider Telr as part of the firm’s international expansion efforts.
This new acquisition is a direct move by payments and API banking solutions provider Cashfree made in a bid to extend its services to users in the Middle East and North Africa (MENA) region, using Telr’s platform as a gateway.
The startup also noted that it plans to cooperate with Telr on the development of a unified cross-border payments platform which hopefully will help Indian merchants accept payments from the Middle East and North Africa region, and vice-versa.
“Our experiences at home serve us with good reasoning that our products would be successful in similar emerging markets,” Akash Sinha, Co-founder and CEO of Cashfree Payments, said in an interview with YourStory.
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