Shadine Taufik · · 1 min readIndian payments firm acquires local one-click checkout enabler
Cashfree co-founders Reeju Datta and Akash Sinha / Photo credit: Cashfree
Fintech startup Cashfree Payments has acquired India-based one-click checkout enabler Zecpe.
Cashfree said the move will help boost its direct-to-consumer checkout capabilities. The acquisition will also enable the firm to provide other services such as address pre-filling, return-to-origin reduction, and fraud detection.
Zecpe founder Hriday Agarwal and his team are joining Cashfree, with Agarwal named as head of ecommerce checkout.
Founded by Akash Sinha and Reeju Datta in 2015, Cashfree supports over 3 million merchants in making payouts and collecting payments through its application programming interface. The company offers customers a payment gateway, instant refunds, and a buy now, pay later service.
Though India is its most popular market with a 50% market share, the firm is also present in eight other countries including Canada, the US, and the United Arab Emirates. Cashfree was last valued at US$200 million.
Before this deal, Cashfree acquired payment service provider Telr, to expand its footprint in the Middle East and North Africa region.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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