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Cashfree funding

cashfree funding

With businesses going online, business firms & consumers not only from metros but also from small towns & cities have opted for digital payment. This in turn has led to the evolution of digital payment companies & fin-tech startups.

Cashfree is backed by Apis partners, Y combinator, Smilegate with recent investment from India’s largest lender State Bank of India. The company didn’t disclose the amount raised from SBI. Founders said the investment from SBI will help Cashfree focus on its growth strategy of scaling payments business, product innovation & improving customer experience on digital payments platform.

Cashfree is a Bengaluru- based fin-tech startup catering to digital payments across businesses. Founded in 2015, Cashfree specializes in payments gateways, helping companies send money to bank accounts, cards, and UPI accounts. Cashfree competes with Razorpay, Billdesk, CCAvenue, and PayU.

The startup empowers business across different sectors like food delivery, cosmetics, logistics, and credit card companies. Zomato, Nykaa, CRED, Delhivery are few such clients of Cashfree.

The total valuation of Cashfree is around $200 million. It processes annual transactions worth $20 billion and is very ambitious to hit transactions worth $30 billion by the end of FY21. Cashfree is also present in eight other countries including the United States, Canada, and the United Arab Emirates.

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