Cashfree Payments, a payments gateway platform, has acquired Zecpe, a one-click checkout platform, for an undisclosed sum.
According to a company’s statement, this deal will enable Cashfree Payments to provide further value-added services such as reducing Return to Origin (RTO), detecting fraud, and pre-filling addresses.
Although the financial details were not disclosed, multiple media reports suggest that the deal could value somewhere between $10-12 million. Post-acquisition, Zecpe will operate as a wholly-owned subsidiary of Cashfree Payments.
Additionally, Zecpe’s founder Hriday Agarwal will join the Cashfree Payments team to lead the e-commerce checkout vertical. The fintech firm’s staff will also join Cashfree to help scale the product further.
“We are certain that this acquisition will strengthen our D2C one-click checkout capabilities and further elevate our leadership position in the SMB space. At Cashfree Payments, we are focused on offering the widest range of payments solutions and thereby constantly evolving our product suite to cater to the changing needs of our merchants,” said Akash Sinha, Co-founder and chief executive officer at Cashfree Payments.
Founded in 2015 by Akash Sinha and Reeju Datta, Cashfree offers full-stack payment solutions to businesses in India, allowing them to collect payments and make payouts via different digital payment instruments.
The SBI-backed firm claims to have more than 300,000 merchants to collect payments and make payouts with simple integration.
Cashfree Payments had previously acquired Telr, a payment service provider that operates in the UAE and Saudi Arabia, as part of its strategy to increase its presence in the MENA (Middle East and North Africa) area.
Source @Indianstartupnews
