SBI-backed Cashfree Payments acquires checkout platform Zecpe

State Bank of India (SBI)-backed Cashfree Payments, a payments and API banking company, has acquired one-click checkout platform Zecpe for an undisclosed amount.

Zecpe will now operate as a wholly-owned subsidiary of Cashfree Payments.

With the acquisition, Cashfree Payments aims to enhance its Direct-to-Consumer (D2C) checkout capabilities to its merchants, said a report by Moneycontrol. The checkout tool aims to help merchants increase conversion rates, and support incremental monetisation and scaling, by making the checkout process quick and seamless for customers.

“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," said Akash Sinha, CEO and Co-Founder, Cashfree Payments.

"We are certain that this acquisition will strengthen our D2C one-click checkout capabilities and further elevate our leadership position in the SMB space," he added.

Hriday Agarwal, Founder of Zecpe, will join the Cashfree Payments team as Head, e-commerce, checkout. The other employees of Zecpe will also join Cashfree Payments along with him.

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, said Agarwal. "Since we have one of the largest networks of prominent brands working with us, we know this space very well,” he stated.

Cashfree Payments claims to have more than 3,00,000 merchants to collect payments and make payouts via all available methods. It is backed by SBI, Y Combinator, and Apis partners and was incubated by PayPal.

Cashfree Payments had earlier acquired Telr, a leading payment service provider in the UAE and Saudi Arabia, as part of its strategy to expand its footprint in the Middle East North Africa (MENA) region.  

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