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Bengaluru-based payments company Cashfree raises $35 million – Latest News

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Bengaluru-based fintech, Cashfree stated it has obtained $35.three million (roughly Rs 260 crore) as a part of its Sequence B elevate. The funding was led by development stage monetary providers investor, Apis Development Fund II, with participation from present investor Y Combinator, it stated in an announcement.

Cashfree, a payments and banking technology company that allows companies in India to gather funds on-line and make payouts, was based by Akash Sinha and Reeju Datta in 2015.

The corporate is a 2017 alumnus of Y Combinator, the start-up incubator primarily based in San Francisco, and has grown exponentially, processing over USD 12 billion annualised fee volumes as of March 2020, the assertion stated.

Cashfree stated it has been worthwhile since its first 12 months of operations and counts greater than 50,000 companies amongst its retailers together with web firms resembling Cred, BigBasket, Zomato, HDFC Ergo, Ixigo, Acko, Zoomcar, and Delhivery.

One of many key development drivers for Cashfree is its bulk disbursal answer Payouts that was launched in 2016 and grew shortly to 1 lakh day by day transactions inside a 12 months, it stated.

The funding will assist the companys bold development plans together with launching and additional rolling out new merchandise, it was said.

The funding may even help the corporate in making selective bolt-on acquisitions to additional increase its geographic and product attain, the assertion stated.

Akash Sinha, CEO and Co-founder of Cashfree stated,”We nonetheless see funds as an evolving business with its personal challenges and we’d be investing in next-gen funds in addition to banking tech to make funds processing simpler and extra dependable”.

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