INDIA – Cashfree Payments, a Bengaluru, India-based payments and API banking company, acquired Zecpe, a Gurgaon, India-based one-click checkout company.
The amount of the deal was not disclosed.With the acquisition, Cashfree Payments will further enhance its Direct-to-Consumer (D2C) checkout capabilities and give its merchants an elevated end-to-end checkout and payment experience. This acquisition will also enable the company to offer additional value-added services like Return to Origin (RTO) reduction, fraud detection, and address pre-filling, among others. Zecpe enables e-commerce businesses to improve checkout conversion by making the process quick and seamless for customers. Zecpe will now 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. Led by CEO Akash Sinha, Cashfree Payments is a payment and API banking solutions company. It provides payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Its offerings include a way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API, Lending disbursals solution and Auto Collect — a virtual account solution to match inbound payments to customers. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers its products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. The company currently powers over 3,00,000 merchants to collect payments and make payouts via all available methods with simple integration. It company has direct integrations with banks, card networks and third-party players for the highest success rates. Cashfree Payments has been a preferred payments platform for e-Commerce and D2C companies such as Nykaa, FirstCry, Nature’s Basket, BigBasket, Zomato, Noise, Bella Vita Organic, MyFitness among others. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE. The company had previously acquired Telr, a leading Payment Service Provider (PSP) in UAE and Saudi Arabia, as a part of its strategy to expand its footprint in the MENA region. 28/02/2023
