Y Combinator-backed Cashfree gets $5.5Mn funding led By Korea's Smilegate

Notable investors George Osborne, former UK Finance Minister, and Vellayan Subbiah, former MD of Cholamandalam Investment also took part in this round

Bengaluru-based payments and banking technology company Cashfree has secured $5.5 million in Series-A funding from a set of investors led by Korea’s Smilegate Investment with participation from existing investor Y Combinator. 

Notable investors like George Osborne, former Finance Minister of UK, and Vellayan Subbiah, former MD of Cholamandalam Investment also took part in this round. 

The funds will be used for expanding the team and distribution of its API Banking platform Payouts. Cashfree had earlier raised funds from Y Combinator and other investors in 2017.

The company's API Banking platform lets businesses send money round-the-clock and instantly to bank accounts, UPI and cards with a simple integration with their product, instead of uploading complicated files on their corporate banking portals. 

Cashfree is used by more than 12,000 businesses for vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. 

It counts Xiaomi, Tencent, Delhivery, Zomato, Cred, Club Factory, ExxonMobil, donation platforms like Ketto and Milaap among its customers.