Cashfree Payments Acquires Gurugram-based Checkout Platform Zecpe
Cashfree Payments, a payments gateway platform, has acquired one-click checkout platform Zecpe to scale up its fintech exposure for ecommerce users.
With this acquisition deal, Zecpe will operate as a wholly-owned subsidiary of Cashfree Payments. Also, Hriday Agarwal, Founder of Zecpe, will join the Cashfree Payments team as Head, e-commerce, checkout. Zecpe employees will also join Cashfree Payments along with him to help scale the product further.
Zecpe | Checkout Tool Helping E-commerce Brands
Zecpe is a Gurugram-based fintech startup that enables e-commerce businesses to improve checkout conversion by making the process quick for customers. The startup, which has been a bootstrapped startup so far, helps merchants increase conversion rates, supporting incremental monetisation and scaling.
Speaking about the development, Hriday Agarwal, Founder of Zecpe, said,
“D2C space is exploding in India and presents a fantastic opportunity to help e-commerce players increase their conversion rates and reduce COD fraud and returns. Since we have one of the largest networks of prominent brands working with us, we know this space very well.”
Cashfree Payments | Building Payments And Banking Infrastructure
Founded by Akash Sinha and Reeju Datta in 2015, Cashfree Payments is a payments and banking technology firm that enables businesses in India to collect payments online and make payouts.
The firm claims to enable more than 3,00,000 merchants with payment collections, vendor payouts, wage payouts, instant loan disbursements, e-commerce refunds, insurance claims processing, expense reimbursements, loyalty, and rewards payments.
Commenting on the development, Akash Sinha, CEO and Co-founder of Cashfree Payments, said,
“We see immense synergies between our existing products and the solutions offered by Zecpe, making it an excellent addition to our D2C Payments Suite enabled for e-commerce businesses. We are certain that this acquisition will strengthen our D2C one-click checkout capabilities and further elevate our leadership position in the SMB space.”
As per Akash Sinha, the solution provided by Zecpe is in line with Cashfree Payments’ product strategy, which focuses on the benefits to end customers of their merchants.
With this acquisition, Cashfree Payments will likely offer additional value-added services like- Return to Origin (RTO) reduction, fraud detection, and address pre-filling. As a part of its strategy to expand its footprint in the Middle East and North Africa region, it had earlier acquired Telr, a leading payment service provider in the UAE and Saudi Arabia.
In 2021, the payments gateway platform, which counts Apis Partners, Smilegate Investment and Y Combinator as its investors, raised strategic funding from India’s largest lender State Bank of India (SBI), at a post-money valuation of $200 million.
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