State Bank of India has made an undisclosed investment in digital payments and banking technology startup Cashfree as the lender looks to promote digital payments.According to sources, the lender has picked up less than 5 per cent stake in the Bengaluru-based company.
In November last year, Cashfree had raised $35.3 million in Series B funding, led by UK's Apis Growth Fund II.
“The investment from India’s largest bank shows its trust in Cashfree’s innovation and the way we are rapidly scaling up the payments business. This also underscores Cashfree’s role towards building a payments ecosystem that enables the fastest and easiest way to collect payments and make payouts for growing businesses,” said Akash Sinha, Co-Founder & CEO, Cashfree.
Cashfree provides a full-stack payments solutions platform enabling over 100,000 growing businesses in India and across the globe to accept and disburse payment online through a single integration. It has customers such as Nykaa, Zomato, BigBasket and Delhivery on board providing solutions such as ecommerce payment collection, vendor payments, marketplace settlements.
Y-Combinator backed Cashfree has so far doubled its user base since the pandemic hit and has over 100,000 merchants making over two million transactions daily on the platform.