Cashfree raises $5.5 million in series A funding led by Korean fund Smilegate Investment

Must Read

Explained: What gaming options are open for low-spec desktops and laptops

Even if you purchase a low-spec desktop PC or laptop, it’s never a barrier to enjoying some form of gaming

Microsoft partners with Accenture to host virtual startup challenge in India

Microsoft 100X100X100 program that focuses to bring 100 companies and 100 early and growth startups will collaborate with Accenture Ventures Open Innovation program to host Accenture Ventures Challenge

SAP eyes India’s MSMEs with ‘Global Bharat’ program

With the aim to focus on MSMEs market in India, SAP has launched 'Global Bharat' program with , UNDP and

Bengaluru based payments and banking technology company has secured $5.5 million in series A funding from a set of investors led by Korea’s with participation from existing investor . Notable investors like George Osborne, former Finance Minister of UK, and Vellayan Subbiah, former MD of Cholamandalam Investment also took part. The funds will be utilised for expanding the team and distribution of its API Banking platform Payouts. Cashfree had earlier raised from and other investors in 2017.

Cashfree’s API Banking platform lets businesses send money round-the-clock and instantly to bank accounts, UPI and cards with a simple integration with their product, instead of uploading complicated files on their corporate banking portals.

Cashfree is used by more than 12000 businesses for vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty & rewards. It counts Xiaomi, Tencent, Delhivery, Zomato, Cred, Club Factory, ExxonMobil, donation platforms like Ketto and Milaap amongst its customers.

Cashfree was launched in 2015 as a payment gateway. While operating the payment gateway, the founders, Akash and Reeju, found it difficult to use online bank portals for disbursing payments everyday. In mid-2016, Cashfree decided to build a dedicated bulk Payouts solution for businesses operating in India.

Akash Sinha, Co-Founder and CEO of Cashfree, said “We have been growing 25% every month, for the last 12 months. With the new round of funding we will expand our product team and build for new use cases faster.”

“We are in an exciting phase of fintech in India. There are new companies coming up that require flexibility and control over how money moves. Our API Banking platform, Payouts, enables this. It connects any organisation’s software product or ERP to the banking system for automated transactions. Organisations that need to move fast cannot afford to have slow, error prone processes of uploading complex files on banking portals and manually reconciling failed transfers for 1000s of transactions every day. API Banking is the future of business banking in India and we are at its forefront,” he said.

Subscribe to receive the day's headlines from Tech Observer straight in your inbox

Leave a Reply

*The moderation of comments is automated and not cleared manually by techobserver.in. Embedding of any link and use of abusive or unparliamentary language are prohibited.
- Advertisement -

Latest in TECH

- Advertisement -SAP Hana

Related Articles