FinTech Journey Of Success: Bangalore-based Start-up, Cashfree Payments
Cashfree Payments is a Bangalore-based payment and banking technology start-up that was founded in the year 2015 by Akash Sinha and Reeju Datta. This Fintech company facilitates Indian business enterprises to receive payments as well as make payments through the online mode.
The company is currently valued at 200 million US dollars after raising capital from India’s public sector bank and financial services statutory body MNC, the State Bank of India or SBI (NSE: SBIN), in its last round of funding, which took place in June 2021.
According to reports that have come out, Cashfree Payments is in discussions to raise capital to increase its valuation to around 1.3 billion US dollars, and so be included in India’s fintech unicorn list.
Cashfree Payment’s fundraising rounds to date:
- In June 2017, the start-up raised seed funding from the New York-based seed stage technology investment funding company, Musha Ventures.
- In October 2017, the start-up raised another round of seed funding from the California-based start-up accelerator company, Y Combinator.
- In April 2019, the start-up had its Series A round of funding, which included investors such as South Korean Venture Capital and private equity firm Smilegate Investment, California-based start-up accelerator company Y Combinator, and a few others.
- In November 2020, the start-up had its Series B round of funding, which included investors such as London-based global private equity asset management company Apis Partners, California-based start-up accelerator company Y Combinator, and a few others.
- The start-up had another Series B round of funding in June 2021. The world’s 43rd largest bank, the State Bank of India, or SBI (NSE: SBIN), was the investor for this last round.
Cashfree Payments offers a complete payment platform to over one lakh business enterprises, including BigBasket, Delhivery, Cred, Zoomcar, Zomato, and many others. As per the company’s profile, it specialises in invoicing, payouts, marketplace settlements, immediate payment service (IMPS), national electronic funds transfer (NEFT), real-time gross settlement (RTGS), internet banking, unified payments interface (UPI), escrow account, application programming interface (API) banking, and payment gateway.
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