Telr, a Singapore and Dubai-based, emerging market focused online payment gateway, has secured Series A funding, from Hatcher and iMENA, two leading Singapore and Middle East-based investors. The round, which closed on September 24, comes on the heels of Telr’s recent merger with Innovate Payments. The investment in growth fund will help Telr’s next phase of expansion.
Telr claims that it is the first payment gateway in emerging markets to raise Series A investment across Asia and Middle East in their first year of operation. With this investment, Telr says that it is fully equipped to fulfill its vision to revolutionize the online payment gateway industry in Middle East, Africa and Southeast Asia, thanks to its team of passionate and experienced payments experts and an innovative and highly-scalable technology platform.
Telr announced last month a merger with Innovate Payments, a payment gateway in UAE. “We are thrilled to announce closing of our Series A funding. We are very excited to be joined by iMENA and Hatcher, leading investors in the emerging markets that Telr is focusing on. We look forward to working closely with them to accelerate our pace of execution on expansion of our markets and products’ portfolio,” says Sirish Kumar, CFO and co-founder of Telr in a press statement.
“Telr’s outstanding technology and its track record of providing high-quality service to merchants based in the Middle East perfectly fits with our strategy to enable business models for the online industry in our region. We are impressed by the management team, and believe strongly in the Telr success in MENA, Asia and Africa markets in which we and our partners have a growing presence,” commented Khaldoon Tabaza, Founder & Managing Director of iMENA.
“The combination of a strong team, unique set of products, secure and innovative technology, alongside solid partnerships and now significant funding and exceptional Middle East and Asia investors, sets Telr apart and gives us an unmatchable kick-start across all the high growth markets”, concluded Elias Ghanem, CEO and Co-Founder of Telr.
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