Payment gateway Telr receives $3 million in Series B funding
The funding will be used by the company for initiatives such as a web store builder and short-term lending.
- Telr received an investment worth $3 million from investor Innovations East
- Investment will be used to build out and enhance Telr’s core product proposition
- Telr anticipates reaching $1 billion of transactions per year by the end of 2017
Online payment gateway company Telr announced it received an investment worth $3 million from investor Innovations East as part of their Series B funding round. The investor is a fund managed by people with experience in marketplaces and online payments.
The company said that 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, said the company.
Sirish Kumar, CEO and Co-Founder of Telr said, “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.
With growth of more than over $500 million of transactions annually, Telr anticipates reaching $1 billion 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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.