Fintech firm Cashfree Payments raises $53 mn in fresh funding round

Fintech firm Cashfree Payments on Tuesday raised $53 million in a funding round led by Korean digital entertainment company Krafton and existing investor Apis Growth Fund II, a private equity fund managed by Apis Partners Group (UK).

 

The Bengaluru-based company said the fresh funding would accelerate its payments offering and boost market outreach.

 

“This collaboration will also position Cashfree to leverage synergies with Krafton, fueling innovation and pioneering new solutions across multiple digital sectors,” the company said in a statement.

 

Prior to this round, the company had raised $44 million in funding, according to data from market intelligence platform Tracxn.

 

 

“This investment will help us accelerate our key efforts—across cross-border and security innovations and international expansion—as we enter the next phase of our growth journey. We are focused on driving profitable growth as we scale,” said Akash Sinha, chief executive officer and co-founder, Cashfree Payments.

 

The company claims to process transactions worth $80 billion annually. It has a base of 800,000 merchants, including internet startups and enterprises. In India, Cashfree works with brands such as Swiggy, redBus, Zepto, BigBasket, Bajaj Finance, among others. The company is expanding its presence in the United Arab Emirates (UAE).

 

At present, the company holds three licences, including an online payment aggregator licence, a payment aggregator licence for cross-border payments, and a prepaid payments instrument (PPI) authorisation.

 

“As the media and entertainment sector and content consumption patterns in India continue to evolve, full-stack payment systems that specifically address the needs of the sector are crucial for enhancing user experience. This investment is part of Krafton’s ongoing efforts to support innovative solutions that drive growth and foster a dynamic startup ecosystem,” said Sean Hyunil Sohn, chief executive officer, Krafton India.