First Online Payment Gateway based in the Middle East and Asia to raise Series A round
Dubai, Singapore, October 20th 2014: 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.
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 isan 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. 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:
Telr: Melanie Fernandes
+971 4 447 4344
iMENA: Aysha El-Shamayleh
+962 7 9797 3880
Hatcher: Cassandra Seet
+65 9189 4601
© Press Release 2014