Bengaluru-based fintech startup, Cashfree raised US$ 35.3 million in its Series B funding round on 23rd November.
The funding round was led by London-headquartered private equity firm Apis Partners (which invested through its Growth Fund II). Other participants include existing investors Y Combinator and Smilegate Investments. The new round brings Cashfree’s funds raised to date to US$ 42 million.
The funds raised will be utilized towards R&D so that Cashfree can scale its technology stack and build more services, including those that can digitize more offline payments for its clients. It is also working on building cross-border payment solutions to explore opportunities in emerging markets.
About Cashfree
Founded in 2015, by Akash Sinha and Reeju Datta, Cashfree is a platform for processing online payments for thousands of Indian businesses. Its merchant list includes companies such as Cred, BigBasket, Zomato, HDFC Ergo, Ixigo, Acko, Zoomcar, and Delhivery among others.
Cashfree offers more than a dozen products and services and helps over 55,000 businesses disburse salary to employees, accept payments online, set up recurring payments and settle marketplace commissions. It works with various banks and offers integrations with platforms such as Shopify, PayPal and Amazon Pay.
“We are delighted to have Apis as an investor and partner in our journey and value their extensive experience investing in high growth digital payments companies, like Cashfree, across several geographies globally. This investment is an endorsement of Cashfree’s platform as well as our vision to empower customers and businesses with the latest payment tools. Over the years, we have built a strong presence among enterprises by innovating for experience, scale and security. We still see payments as an evolving industry with its own challenges and we would be investing in next-gen payments as well as banking tech to make payments processing easier and more reliable,” said Akash Sinha, CEO and Co-founder of Cashfree.
Cashfree, with the help of tech-driven processes and in-depth industry knowledge, aims to be the leader in the payments space in India and internationally.
What Investors have to say
Joining Cashfree as a board member, Udayan Goyal, Managing Partner and Apis Co-Founder said, “As digital payments proliferate globally, the Indian market continues to represent one of the most exciting opportunities that we see in the world. Cashfree has maintained a leadership position in this space and is now going through a period of rapid growth fuelled by the development of unique and innovative products that serve the needs of its customers. We are delighted to support Cashfree on its exciting journey ahead and to back an exceptional management team who are at the forefront of the continued digitalization and democratization of payments in India.”
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