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SBI invests undisclosed amount in digital payments startup Cashfree

Country's top lender seeks to promote digital payments. Last November Cashfree had raised $35.3 mn in Series B funding, led by UK's Apis Growth Fund II

Topics
Cashfree | sbi | Digital Payments

BS Reporter  |  Bengaluru 

Cashfree
Cashfree founders Reeju Datta (left) and Akash Sinha

State Bank of India has made an undisclosed investment in and banking technology startup as the lender looks to promote According to sources, the lender has picked up less than 5 per cent stake in the Bengaluru-based company.

In November last year, 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 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.

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First Published: Mon, June 07 2021. 15:10 IST
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