Payments and Application Program Interface banking solutions company Cashfree Payments invested $15 million in equity in Telr, a payment service provider that operates in the United Arab Emirates (UAE) and Saudi Arabia.
Cashfree offers full-stack payment solutions to businesses, allowing them to collect payments. It provides split payment solutions for marketplaces, an API for bank account verification, and Auto Collect, a virtual account solution that matches incoming UPI, NEFT, IMPS, and RTGS payments to the clients who made them. Both startups provide payment services to businesses, with Cashfree attempting to expand into new markets. Earlier this week, the NPCI signed an agreement with Network International (NI) to investigate the expansion of UPI to the United Arab Emirates.