Bengaluru-based payments solutions company Cashfree has received $35.3 million as part of its Series B funding led by Apis Growth Fund II with the participation of existing investor Y Combinator.
“We plan to utilize this fresh capital to scale Cashfree’s payments solutions, developing innovative products and strategic acquisitions,” Akash Sinha, co-founder and CEO of Cashfree.
Cashfree said that the investment will also assist the company in making selective bolt-on acquisitions to further augment its geographic and product reach.
Cashfree was founded by Sinha and Reeju Datta in 2015 and processes online payments for thousands of Indian businesses.
Cashfree processed over $12 billion annualised payment volumes as of March 2020.
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.
Cashfree’s bulk disbursal solution called Payouts, that was launched in 2016, grew quickly to 1 lakh daily transactions within a year. Payouts helps businesses send money instantly to bank accounts, cards, UPI, and wallets with a simple integration.
Use cases for Payouts include vendor payouts, wage payouts, e-commerce refunds, insurance claims processing, loan disbursements, expense reimbursements, loyalty, and rewards payments.
In addition to Payouts, Cashfree’s Payment Gateway supports payments from more than 100 payment channels — including debit / credit cards, RuPay, UPI, bank transfers, wallets and various instalment options.
