Payments gateway platform Cashfree Payments has acquired one-click checkout platform Zecpe for an undisclosed amount.
This acquisition will help Cashfree Payments to offer additional value-added services like Return to Origin (RTO) reduction , fraud detection, and address pre-filling, Zecpe said in a press release.
According to Zecpe, it enables e-commerce businesses to improve checkout conversion by making the process quick for customers, and will operate as a wholly-owned subsidiary of Cashfree Payments. Hriday Agarwal, founder of Zecpe, will join the Cashfree Payments team as Head, e-commerce, checkout. The employees of Zecpe will also join Cashfree Payments along with him to help scale the product further.
Founded in 2015 by Sinha and Reeju Datta, Payment Gateway Cashfree enables businesses in India to collect payments online and make payouts. Cashfree had earlier raised strategic funding in 2021 from India’s largest lender State Bank of India (SBI) at a post-money valuation of $200 million.
Cashfree Payments claims to have more than 3,00,000 merchants to collect payments and make payouts via all available methods. The company had earlier acquired Telr, a leading payment service provider in the UAE and Saudi Arabia, as a part of its strategy to expand its footprint in the Middle East North Africa region.
Source @Entrackr
