Payments fintech Cashfree lands investment from State Bank of India
Cashfree, a Bengaluru-based payments provider, has landed an undisclosed debt financing round from the State Bank of India.
Founded in 2015 by graduates Akash Sinha and Reeju Datta, Cashfree claims to process more than $20 billion annually.
It provides payments and API banking solutions, enabling businesses to collect and make payouts with “a simple integration”.
The firm’s solutions include a payment gateway, a split payment solution for marketplaces, bank account verification API and virtual account services.
Incubated by payments pioneer PayPal, Cashfree is backed by Apis Partners, Smilegate and Y Combinator. It has raised $40.9 million in funding over four rounds.
“We are excited about our partnership with the country’s trusted and leading lender SBI,” says co-founder and CEO, Sinha.
“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.”