First Online Payment Gateway based in the Middle East and Asia to raise Series A round
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 24th, comes on the heels of Telr’s recent merger with Innovate Payments. The investment in growth fund will bring Telr to the next phase of expansion.
Telr 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 is fully equipped to fulfil 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 leading Payment Gateway in UAE, who have established themselves, over the last few years, as the best payment gateway option in the UAE, thanks to its unmatched technical ability and customer focused platform, developed in-house by a world-class team who has previously launched WorldPay.
“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” mentioned Sirish Kumar, CFO and Co-Founder of Telr.
“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 breadth of experience and quality of the Telr management team has now been augmented by a successful, well-funded investor group that spans the globe”, added John Sharp, CEO of Hatcher and Chairman of Telr.
“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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Elias Ghanem, CEO and co-founder of Telr. Former MD of PayPal Middle East and North Africa and previously MD of PayPal Southeast Asia and India. A long-time executive at Visa Inc., Mr. Ghanem is a proven payment industry leader with a strong entrepreneurial drive and years of success in managing e-payment solutions. Elias has a solid track record of breakthrough results in regional leadership roles at PayPal/eBay, Visa, and Accor Group in the Middle East, Asia Pacific and Latin America. He holds a Master’s degree in Business Administration from University of Miami, Fl, USA.
Sirish Kumar, CFO and co-founder of Telr has held leadership positions in Motorola, Nokia, Cargill and most recently at PayPal as CFO for Southeast Asia. He has leveraged his expertise in commercial negotiations, financial modelling, and post- acquisition integration. He has led geographical expansion strategies in several emerging markets. He has also developed financing solutions for B2B models, in collaboration with credit insurers and banks, leading to more than 100% top line profitable growth in new markets. Sirish is a Chartered Accountant and holds a Master’s degree in Business Administration from INSEAD, France.
Khaldoon Tabaza, Founder & Managing Director, iMENA. iMENA is an operator of online businesses in the MENA region, including OpenSooq, (Arabic language classifieds), ReserveOut (online reservations), SellAnyCar (automotive marketplace), CitraStyle (global modern modest fashion),Hellofood Middle East (online food ordering marketplace), EasyTaxi Middle East (mobile taxi ordering), iMENA Digital (online marketing, social media, strategy, and technology development), and iMENA Loyalty (loyalty and data analytics). Prior to co-founding iMENA with CEO Adey Salamin, Khaldoon has founded, managed, and invested in technology, Internet, and media businesses in the MENA region and internationally for more than 20 years.
John Sharp, CEO of Hatcher and Chairman of Telr. CEO of Hatcher, a leading technology incubator based in Singapore and lead investor in fast-growing startups including ApexPeak, DropMySite, EatAds, Folr, Heardable, Global Invit, Inzen Studio, KluJe, SocialCops, and Telr. As Chairman of Telr, Sharp co-orchestrated the merger of Telr with Innovate Payments, enabling the creation of UAE’s fastest-growing online payment platform. At Hatcher, Sharp leads capital raising efforts for the group’s portfolio – efforts which have so far resulted in investments worth over US$100 million during 2014.
Telr is a Payment Gateway offering a set of unified APIs and tools that instantly enable businesses to accept and manage online payments via web, mobile and social media. Telr prides itself on offering the most secure, reliable and innovative online payment processing service available today in the Middle East. Telr has a team of passionate and experienced ePayments experts and a solid in-house developed platform aiming to revolutionize the payment gateways industry in Middle East, Africa and Southeast Asia through its unique value proposition of payment gateway and cash management solutions. http://telr.com; http://www.innovatepayments.com/
About iMENA Group
Founded in 2013, iMENA Group is an operator of online businesses that aims to be the Middle East and North Africa’s largest integrated and actively managed group of online companies. iMENA Group captures the online consumer opportunity in MENA by using a distinctive investor-operator approach. iMENA platform and methodology in value creation are synchronized to unlock the potential underlying the MENA region’s large and young consumer populations, whose demand for efficient online services across various sectors remains mostly unaddressed. iMENA Group invests in, builds, and partners with regional leaders in Online Classifieds, Marketplaces, and Enablement business models. http://imena.com
Hatcher is a leading Singapore-based accelerator and investment holding company. With a growing number of established businesses spread across many industries, including data archiving service DropMySite, outdoor advertising marketplace EatAds, working capital platform ApexPeak, home renovation portal KluJe, and online payments and cash management platform Telr, Hatcher is focused on developing and growing business enablement, financial services, interactive media, and marketplace platforms in the emerging markets of Africa, Asia, and the Middle East. http://hatcher.com
For more details, please contact:
Arafaat Ali Khan
+971 50 698 6818
+962 7 9797 3880
+65 9189 4601
Eton Institute Partners with Telr to Create a Safe, Easy and Secure Online Payment Solution for its Subscribers
The new and improved online payment solution accepts payments in UAE Dirhams through Visa or MasterCard and is a first in the region for any SME offering Learning and Development solutions.
Dubai, 22nd September 2014 – Online shopping is growing in popularity in the UAE and the nation is ranked first in e-commerce sales with a total of $2 billion in 2013, which represents more than half of the total GCC e-commerce spend. However, there is still seen a general reluctance in the country to making payments online, mainly due to lack of secure and simplified payment options.
Taking a step to reach out to its customers online, Eton Institute, the UAE’s largest language training and professional development provider, has partnered with Telr, the most innovative payment gateway in the MENA region, to offer its community of learners a fast, easy and secure payment method that accepts payments in Dirhams, the UAE’s official currency.
Through this partnership, Eton Institute takes a significant step forward by offering an Online Payment Solution that is quick and simple and does not require the user to create unnecessary accounts, which has proved to be a hindrance in accepting online payments until now. Notably, very few training institutes in the UAE accept payments in UAE Dirhams and Eton Institute is among the first to offer this service to its customers.
“Online payments are no longer a luxury but a necessity for any small to medium business. It’s safe, convenient and saves time for the user, which is always appreciated. Although we have been accepting online payments (in Dollars) for the last eight years through PayPal, we are grateful to our partner, Telr who has now made it possible for us to accept payments in UAE Dirhams,” commented Moaz Khan, Marketing Director at Eton Institute.
“We are delighted to be partnering with Eton Institute and helping them to accept payments for their educational offerings in UAE Dirhams. The ability for consumers to purchase online in their own currency is key to increasing adoption of online payments in the region. For Eton Institute’s subscribers, the ability to pay online in UAE Dirhams will make the process of enrollment much faster and more convenient,” added Phil Hosking, Chief Operating Officer at Telr.
Eton Institute, which also offers mobile apps for language learning will further be exploring opportunities, with the support of Telr to adopt innovative payment channels, such as mobile commerce and in-app purchasing to process payments through its mobile apps.
For more information about Eton Institute and its services in the UAE visit www.etoninstitute.com/ae.
About Eton Institute:
Eton Institute is an international language training and professional development provider, offering internationally accredited courses in over 100 Languages, Teacher Training, Computer Training, Business Skills Training and customized Corporate Training solutions.
It offers flexible timings and uniquely tailored courses to suit the learner’s needs. All training is facilitated by highly qualified and experienced instructors, teaching practical skills while maintaining competitive prices for individuals and businesses.
Headquartered in Dubai-UAE with operations in the Middle East, Europe and America, the Institute offers training both in-house and onsite, leveraging considerable experience in providing solutions that fit an individual’s or an organization’s needs.
Telr.com – Y our Currency. Your Language – is a Payment Gateway offering a set of unified APIs and tools that instantly enable businesses to accept and manage online payments via web & mobile. Telr prides itself on offering the most secure, reliable and innovative online payment processing service available today. Telr has a team of passionate and experienced ePayments experts and a solid in-house developed platform aiming to revolutionize the payment gateways industry in Middle East, Africa and South East Asia. Telr is part of Singapore’s leading Financial Tech startup accelerator www.hatcher.com.
For additional information please contact:
Arafaat Ali Khan
+971 50 698 6818
Dubai, Singapore, September 3rd 2014 – Telr, the multi-currency and multi-lingual payment gateway for SMEs, announced its merger with Innovate Payments, the most innovative payment gateway in the MENA region. With the merger, Telr is on the path to revolutionize the payment gateways industry in Middle East, Africa and Southeast Asia thanks to its team of passionate and experienced ePayments experts and solid in-house developed platform.
Through this merger, Telr is:
- Significantly boosting its credentials through this strategic merger with Innovate Payments.
- Strengthening its offerings to the online and mobile payments industry through its three pillars of payment gateway, unified logistics & payments APIs, alongside it’s cash management solutions.
“The combination of a strong team, right set of products and services, secure and innovative technology, along side solid partnerships will set Telr apart and give us an unmatchable kick-start in the UAE and across all the high growth markets”.
“Telr’s ambition to revolutionize the payments landscape across all emerging markets complements Innovate Payments’ strong presence in the UAE and advanced platform. The merger will boost our market growth and ambitious expansion plan to accelerate e-commerce adoption in emerging markets”, said Elias Ghanem, CEO and Co-Founder of Telr.
“Innovate Payments is the fifth payment platform we have launched since 1997, and is the first PCI DSS Level 1 Certified Gateway in the region. Merging with Telr will allow us to develop new products and strengthen our presence in the UAE and beyond,” commented Andy O’Sullivan, Head of Operations & Co-Founder of Innovate Payments.
The Telr group is unique in its kind for the following reasons:
- Extensive Payments Experience: It is headed by a management team who brings an extensive Cards, Payments, Acquiring and Telco industries background from PayPal, Visa, WorldPay, Motorola and Nokia.
- Global Reach and Local Experience: Telr is fully set up to accelerate the e-commerce ramp-up across all the high growth markets in the Middle East, Africa and Southeast Asia. Innovate Payments has been processing online transactions for UAE merchants since 2012. It has witnessed robust growth in the number of merchants and volume of transactions processed over the last 12 months. Telr’s merchants include Namshi, Careem, and Kcal along with government and semi-government agencies.
- Responsiveness to Customer Needs: With an in-house developed platform, Telr have complete control of the functional development roadmap, offering to their merchants an easy-to-use and fast on-boarding solution. Telr Payment Gateway is the only one in the region that is PCI DSS* level 1 certified and includes an integrated anti-fraud engine.
Over the last few years, Innovate Payments have established themselves as the best payment gateway option in the UAE. The existing Innovate Payments management team will be retained to lead the Operations, Technology and Product development activities.
“Merging with Telr gives Innovate Payments the ability to scale-up our operations, accelerating our expansion into new markets and expanding our existing product-sets,” adds O’Sullivan.
“Through the merger, we are delighted to say that Telr is on the path of executing on its vision in less than six months,” mentioned Ghanem. Telr will initially focus on supporting the exponential growth of e-commerce activity currently happening in the UAE and the GCC, with aggressive expansion plans across the MENA from its Dubai Hub as well as in Southeast Asia through its headquarters in Singapore.
* PCI DSS: Payment Card Industry Data Security Standard
Elias Ghanem, CEO and co-founder of Telr.com, was the former MD of PayPal Middle East and North Africa and previously MD of PayPal South-East-Asia and India A long-time executive at Visa Inc., Mr Ghanem is a proven payment industry leader with a strong entrepreneurial drive and years of success in managing e-payment solutions. He has developed strategic partnerships and customer acquisition programs leading growth in top line, bottom line, market share and shareholder value worldwide, and has a solid track record of breakthrough results in regional leadership roles at PayPal/eBay, Visa, and Accor Group in the Middle East, Asia Pacific and Latin America.
Andy O’Sullivan, CTO of Telr.com and co-founder of Innovate Payments Andy has been working in the payments industry since 1997 when he joined WorldPay in the early stages of the company’s development and growth. Andy joined Voice Commerce in 2003 as Operations Director based in Dubai, in charge of the company Technology Centre as well as overseeing the management of the operational systems deployed in Europe. In 2010 Andy co-founded Innovate Payments with three other partners. As Head of Operations, he has been responsible for the design, deployment and management of the payment gateway infrastructure as well as ensuring best practices in data security are followed resulting in the company obtaining PCI DSS Level 1 Certification.
Telr.com – Your Currency. Your Language – is a Payment Gateway offering a set of unified APIs and tools that instantly enable businesses to accept and manage online payments via web & mobile. Telr prides itself on offering the most secure, reliable and innovative online payment processing service available today. Telr has a team of passionate and experienced ePayments experts and a solid in-house developed platform aiming to revolutionize the payment gateways industry in Middle East, Africa and Southeast Asia. Telr is part of Singapore’s leading Financial Tech startup accelerator hatcher.com.
Please visit the following links for more information:
- Website: www.telr.com
- Facebook: www.facebook.com/telrdotcom
- Twitter: @telrdotcom
- LinkedIn: www.linkedin.com/company/telr?trk=top_nav_home
- Blog: blog.telr.com/
For more details, please contact:
Arafaat Ali Khan
+971 50698 6818
Head of Investor Relations
+65 9189 4601
KCAL Extra bespoke, tailor-made meal plans now even more convenient with option to pay online
Dubai, UAE, October 7, 2013 — Kcal Healthy Fast Food, a Dubai based restaurant operator offering delicious, yet healthy food is now offering its customers the ability to pay for their products online at the time of order using the Innovate Payments ecommerce solution. The initial roll-out of the service has enabled online payments for the KCAL Extra service which provides bespoke, tailor-made meal plans. The company plans to offer the online payment facility to its Restaurant Division, Kcal Healthy Fast Food, over the coming months.
The fast-growing Kcal group turned to Innovate Payments to handle its online payment processing requirements because of the company’s ability to offer multiple and flexible payment options, strong anti-fraud protection and support for card scheme programs like Verified by Visa and Mastercard Securecode. Innovate Payments is also supporting Kcal’s move into mobile commerce. Its payment platform includes the flexibility to process payments through mobile apps, which Kcal aims to launch in 2014.
Innovate Payments focus on customer service and willingness to work as Kcal’s payment processing partner as they expand across the region were key in their selection. Rob Kelly, Chief Operating Officer, Kcal comments “We’ve been delighted with the service we’ve received from Innovate Payments. They have proved themselves to be trusted advisors as we move our business online and we have every confidence that our payments are being processed reliably and with the highest levels of security. Entrusting our online payment processing requirements to Innovate Payments allows us to focus on providing our customers with food that is of the highest quality, packed with nutrients and dishes that burst with flavor.”
Andy O’Sullivan, Operations Director, Innovate Payments, adds: “For organizations like Kcal who are looking to rapidly expand their business across the region, finding a payment processing partner that can help them do this with a reliable and secure service is essential. We look forward to working with KCAL as they expand their business and as they adopt innovative payment channels like mobile commerce and in-app purchasing.”
According to a new report by Euromonitor online spending in the UAE is set to grow by 95% over the next five years. The main driver for this growth is a growing confidence among consumers that online vendors are offering quality products that will be delivered promptly as well as increasing faith in card security measures.
Ayman Ghanam, Research Analyst at Euromonitor says ‘This trend will be encouraged by the growing usage of credit cards as consumers become more comfortable with buying online. With internet users in the Arab World tipped to reach over 170 million by 2016, internet retailing in the region is clearly set for staggering growth’.
Euromonitor said that research indicates internet retailing in the region is expanding across other channels, with new products such as home care, DIY and gardening recently gaining their first significant presence in internet retailing. Players from the UAE have already started expanding elsewhere including Saudi Arabia where forecast growth over the next 5 years is 136%. Euromonitor expects this to be followed by expansion into other Arab countries such as Egypt.
Consumers in the UAE spent $226.8 million online last year, a figure expected to grow to $270.9m this year.