Telr, one of the fastest growing payment gateways with operations in the Middle East, South East Asia and India, has received an investment worth $3 million from Innovations East, a fund managed by people with extensive experience in marketplaces and online payments, as part of their Series B funding round.
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. 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.
Commenting upon the fund-raising and future plans, Sirish Kumar, CEO and Co-Founder of Telr said, “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.”
Telr has an extremely senior team with prior experience of working at firms such as WorldPay, PayPal, Standard & Poors and Voice Commerce. The company has won various awards such as “Arabian Business: Start-up of the Year” in 2014, “The Asian Banker: Best Payments Product” in 2015 and the founder Sirish Kumar also received “Entrepreneur of the Year Award” in 2016.
With growth of more than over $500 mn of transactions annually, Telr anticipates reaching $1 bn of transactions per year by the end of 2017. Through its earlier rounds of fund raising, Telr had raised funds from investors in Singapore and the Middle East, including Hatcher and iMena Holdings.
Wodehouse Capital Advisors advised on the transaction.