Payment gateway Cashfree invests in UAE-based Telr

Bengaluru-based payments and banking solutions provider Cashfree Payments has invested close to USD 15 million in Dubai-based payment service provider Telr, as it looks to expand its product offerings in international markets. Post deal, Cashfree will become the single-largest shareholder in Telr, which has operations in India apart from the UAE and Saudi Arabia. Through the investment, Cashfree will look to introduce its Indian product offerings such as instant payouts, subscription payments and merchant payment verification for Telr's customers in the Middle East and North Africa (MENA) market. The investment will also allow Cashfree's merchants to accept payments from customers in the MENA region, as the company looks to develop a unified cross-border payments platform with Telr.