Cashfree Payments, the leading digital payments and banking technology company, today announced the successful closure of its $53 million funding round led by South Korea’s prominent digital entertainment company Krafton. Cashfree Payments received continued support from Apis Growth Fund II managed by UK-based private equity firm Apis Partners. 

Cashfree Payments was founded in 2015 by Reeju Datta and Akash Sinha to become one of the leading players in India’s digital payments ecosystem. 

Cashfree Payment Services provides a whole range of payments solutions including payment gateway services, payouts, auto-collect and subscription payments, catering to a large client base which ranges from internet startups to large enterprises. With a focus on innovation and seamless integration, Cashfree processes transactions worth over $80 billion annually and serves a merchant base exceeding 800,000.

Funding Details

The funding round, led by Krafton, which made its strategic entry into the Indian fintech sector, was to the tune of $53 million or approximately ₹450 crore. Existing investor Apis Growth Fund II also participated in the funding round, reaffirming its confidence in Cashfree’s vision and growth trajectory. This brings Cashfree’s total funding to date to $97 million, following previous rounds that included a $35 million Series B in 2020 and a $2.7 million investment from the State Bank of India in 2021.

Strategic Objectives

The newly acquired funds are earmarked for several strategic initiatives:

• Product Scaling: Cashfree will be adding to the already existing product offerings and further addition of new payment infrastructure products. One such product is ‘one-click checkout,’ which has lately been popular among D2C brands for the improved customer experience it brings with the one-click checkout feature.
• Market Expansion: The company wants to expand its domestic as well as international market reach. Having secured the Reserve Bank of India’s approval to enable cross-border transactions last year, Cashfree is now well-positioned to access other global markets and provide smooth payment solutions to international clients.
• Innovation in Security and Cross-Border Payments: Emphasizing the importance of security and efficiency in payment processing, Cashfree will invest in innovations that enhance cross-border transaction capabilities and fortify security measures to ensure safe and swift transactions for its users.

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Leadership Insights

Cashfree Payments CEO and Co-founder Akash Sinha said, “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.

Cashfree, as a digital entertainment fintech synergy play by Krafton, represents an important strategic step toward synergy leverage. It will accelerate innovation and create new solutions across the multi-digital space. This will further consolidate the continued support from Apis Partners for Cashfree’s future in the digital payments leadership position.

Market Context

The investment comes at a time when India’s digital payments sector is witnessing rapid growth, driven by increased internet penetration, smartphone usage, and a push towards cashless transactions. Cashfree’s comprehensive payment solutions and focus on innovation position it well to capitalize on this trend and address the evolving needs of businesses and consumers.

Future Outlook

The fresh capital will make Cashfree Payments much stronger in its space within the fintech domain as it will look to expand its product suite, enhance infrastructure, and seize new markets. The company’s commitment towards innovation and all customer-centric solutioning is expected to drive its growth trajectory and cement its leadership status in digital payments.