Singapore payment gateway Telr merges with UAE's Innovate Payments
By Digital News Asia September 5, 2014
- Merger strengthens Telr’s offerings to online and mobile payments industry
- Innovate management retained to lead ops, tech and product development
SINGAPORE-headquartered Telr, which bills itself the multicurrency and multilingual payment gateway for SMEs (small and medium enterprises), has announced its merger with Innovate Payments.
With the merger, Telr said it is on the path to revolutionising the payment gateways industry in Middle East, Africa and South-East Asia. Terms were not disclosed.
Through this merger, Telr said it would significantly boost its credentials and also strengthen its offerings to the online and mobile payments industry through its three pillars of payment gateway, unified logistics and payments APIs (applications programming interfaces), alongside its cash management solutions, the company said in a statement.
“The combination of a strong team, the right set of products and services, and secure and innovative technology – alongside solid partnerships – will set Telr apart and give us an unmatchable kickstart in the UAE (United Arab Emirates) and across all high-growth markets,” said Telr cofounder and chief executive officer Elias Ghanem.
“Telr’s ambition … complements Innovate Payments’ strong presence in the UAE and its advanced platform. The merger will boost our market growth and ambitious expansion plan to accelerate e-commerce adoption in emerging markets,” he added.
Telr said that UAE-based Innovate Payments has established itself 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 at Telr.
“Innovate Payments is the fifth payment platform we have launched since 1997, and is the first PCI DSS (Payment Card Industry Data Security Standard) Level 1 Certified Gateway in the region,” said Andy O’Sullivan (pic), head of operations & co-founder of Innovate Payments
“Merging with Telr will allow us to develop new products and strengthen our presence in the UAE and beyond,” added O’Sullivan, who will now serve as chief technology officer at Telr.
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