Telr’s multiple payment methods like cards and online banking instantly enable businesses to accept and manage online payments via web, mobile and social media
Telr, an online payment gateway aggregator with operations in the Middle East, Southeast Asia and India, has received US$3 million in a Series B round from Innovations East, a fund managed by people with extensive experience in marketplaces and online payments.
The investment will be used to build out and enhance Telr’s core product proposition, roll out new payment methods and scale up operations in focus markets, especially India and other emerging markets. A portion of the funds will also be deployed, through selective partnerships, in creating an ecosystem for SMEs seeking to take their businesses online, with initiatives such as a web store builder and short-term lending.
“Since its inception in 2014, Telr has prided itself in providing a full technology stack payment platform including anti-fraud, social commerce, clearing and settlement capabilities. The infusion of funds in the Series B round would help Telr to not only strengthen its core offering, but also innovate around payment methods. Furthermore, while we focus on deeper penetration in the UAE, India, Saudi Arabia, Egypt and Indonesia, the funds will facilitate our continued expansion to other emerging markets,” said Sirish Kumar, CEO and Co-founder of Telr.
Telr is a payment gateway aggregator of multiple payment methods like cards and online banking, offering a set of unified APIs and tools that instantly enable businesses to accept and manage online payments via web, mobile and social media.
With growth of more than US$500 million worth of transactions annually, Telr hopes to reach US$1 billion worth of transactions per year by the end of this year.
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