Bengaluru-based fintech startup Cashfree has raised $35.3 million as a part of its Series B investment led by the global financial services investor, Apis Growth Fund II. The funding also saw participation from existing investors — Y Combinator and Smilegate.
With this fund raise, the team will be looking to scale its payment offerings, develop new product verticals, and strategic investments. The investment will also assist the company in making selective bolt-on acquisitions to further augment its geographic and product reach.
Founded in 2015 by Reeju Datta and Akash, Cashfree processes online payments for several Indian businesses. A 2017 Y Combinator alumnus, Cashfree added that it has processed over $12 billion annualised payments as of March 2020.
The press statement shared by the company said Cashfree has been profitable since its first year of operations and counts more than 50,000 businesses amongst its merchants including leading internet companies such as Cred, BigBasket, Zomato, HDFC Ergo, Ixigo, Acko, Zoomcar, and Delhivery among others.
Their bulk disbursal solution – Payouts was launched in 2016, touched over one lakh daily transactions within a year. The platform helps businesses send money instantly to bank accounts, cards, UPI, and wallets with a simple integration.
According to the press statement, this investment comes as Cashfree’s rapid growth has accelerated with rising ecommerce penetration by increasing adoption of Indian businesses and consumers. The investment will support the company’s ambitious growth plans including launching and further rolling out new products.
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