Payments and online banking solutions firm Cashfree Payments said that it had invested $15 million in Telr, a UAE-based payment service company. The investment makes Cashfree the largest shareholder in Telr and will help it strengthen its presence in the Middle East and North Africa (MENA) as it plans to expand its presence in global markets.

Akash Sinha, a co-founder of Cashfree Payments, said that what inspired this investment was the growing market opportunity the MENA region offers with only 2 per cent of retail sales online. “The online transactions scene is changing fast after the pandemic. And, Telr already has a partnership with over eight banks. So, by joining hands with Telr, we try and become the top payment service provider in the MENA region in upcoming years,” Sinha said.

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Cashfree Payments processes transactions worth $20 billion annually in India. With over 1 lakh merchants on its platform, the firm’s offerings include payment gateway, a split payment solution for marketplaces, bank account verification Application Programming Interface (API) and Auto Collect which enables merchants to collect payments from customers through multiple payment modes.