Telr, an online payment gateway that is based in Singapore and Dubai has recently secured Series A funding coming from the two leading Singapore and Middle East-Based investors, Hatcher & iMENA. The round, in which it was closed on 24th of September comes running after the newly finished merger with Innovate Payments.
Refusing to reveal the financial worth of the round, Elias Ghanem, the CEO and cofounder of Telr, revealed to us over Skype that this amount is “significant enough to provide us an entire year of operations as well as the opportunity to grow across new regional markets.”
So far, headquartered in Singapore, Telr continues to be serving the UAE for almost a year, and features registered a null rate of merchant loss, says the founder. “Not one merchant who started working with us has moved or expressed [the desire to],” he continues. The team, which is mostly consists of executives and experts, mentors the merchants, organizing one-on-one sessions to assist them overcome challenges and figure out next steps.
Working together with lead investors in both Singapore along with the MENA presents you with important local doors and network opportunities for Telr in both Asian and Arab markets.
On the ground, Telr will be searching for connectivity with banks, merchants, and consumers. “Today we need banks and merchants and credibility to grow. Working together with iMENA and Hatcher brings us their markets, in addition to their investors’ credibility,” says Ghanem.
Ghanem investigates both Asia and the MENA as perfect markets for ecommerce. “I believe emerging markets are where the future is perfect for payment gateways,” says Ghanem, due to early stage of regulatory framework, the popularity of entrepreneurship, and the massive growth of the middle class across the board.
As shorthand, Ghanem has assigned countries from Southeast Asia equivalents in the Middle East: for example, Dubai and Singapore are developing side by side, Saudi and Malaysia, and after that Egypt and Indonesia. Ghanem wouldn’t disclose the subsequent country on Telr’s expansion radar, but according to this categorization, and the fact that Telr is already active in Dubai, it’s a good estimate that Telr soon launches in Saudi Arabia.