Multi-currency payment gateway Telr has merged with Innovate Payments, a payment gateway in the MENA region, to create new payment platform for online merchants.
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Telr believes that the merger will strengthen its offerings to the online and mobile payments industry through its three pillars of payment gateway, unified logistics and payments APIs, alongside its cash management solutions.
Telr said that it will initially focus on supporting the exponential growth of e-commerce activity currently happening in the UAE and the GCC, with expansion plans across the MENA from its Dubai Hub as well as in Southeast Asia through its headquarters in Singapore.
Elias Ghanem, CEO and co-founder of Telr, said: "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."
Andy O’Sullivan, head of operations and co-founder of Innovate Payments, said: "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."
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By GlobalData"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," added O’Sullivan.
Telr said that the existing Innovate Payments management team will be retained to lead the operations, technology and product development activities.
