Checkout platform Zecpe was acquired by the Payments gateway platform Cashfree Payments for an undisclosed amount.
This acquisition will help Cashfree Payments to offer additional value-added services like Return to Origin (RTO) reduction, fraud detection, and address pre-filling, Zecpe said in a press release.
Cashfree Payments CEO and co-founder Akash Sinha expressed his excitement about acquiring Zecpe, saying that the two companies’ products complement each other well. He believes this will make a great addition to Cashfree’s D2C Payments Suite and boost their one-click checkout capabilities, further solidifying their position as leaders in the SMB space.
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According to Zecpe, it enables e-commerce businesses to improve checkout conversion by making the process quick for customers and will operate as a wholly-owned subsidiary of Cashfree Payments. Hriday Agarwal, founder of Zecpe, will join the Cashfree Payments team as Head, of e-commerce, and checkout. The employees of Zecpe will also join Cashfree Payments along with him to help scale the product further.
About Cashfree Payment
Cashfree Founded in 2015 by Sinha and Reeju Datta, Payment Gateway Cashfree enables businesses in India to collect payments online and make payouts. Cashfree had earlier raised strategic funding in 2021 from India’s largest lender State Bank of India (SBI) at a post-money valuation of $200 million.
Cashfree Payments claims to have more than 3,00,000 merchants to collect payments and make payouts via all available methods. The company had earlier acquired Telr, a leading payment service provider in the UAE and Saudi Arabia, as a part of its strategy to expand its footprint in the Middle East and North Africa region.
About Zecpe
Founded in 2022 by Hriday Agarwal, Zecpe is a conversion tool with fast checkout and an easy-to-use interface that makes shopping easier than ever. Zecpe’s single-window checkout without redirections ensures lower checkout abandonment and higher conversions. Zecpe increases the value of prepaid orders to encourage customers to pay online and reduces RTO with advanced fraud detection.