Payments company Cashfree Payments, has raised USD 53 Million/INR 450 Crore in a funding round led by Korean digital entertainment giant, KRAFTON and existing investor Apis Growth Fund II, a private equity fund managed by Apis Partners Group (UK) Limited (“Apis Partners”). The capital will accelerate Cashfree’s 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.
Cashfree helps businesses collect payments online and make payouts. With an easy onboarding and integration process, and compatibility with popular merchant platforms like Shopify, Wix, WordPress, WooCommerce, WhatsApp, Cashfree enables businesses to start transactions within a day. It offers features like one-click checkout, abandoned cart recovery, and return prediction, helping businesses improve the payment experience, boost conversions and grow profitably. Cashfree connects directly with major payment networks, ensuring high success rates and reliability at scale, enabling large businesses to process 12,000 transactions per second during peak demand with ease. It has also introduced Embedded Payments, allowing platforms, ERPs, and SaaS businesses to integrate payments as a feature into their product with ease and in a compliant manner.
Akash Sinha, CEO & Co-Founder, Cashfree Payments, said, “We are excited to welcome KRAFTON as a strategic partner with continued support from our existing investors, Apis Growth Fund II and the team at Apis Partners. Our mission at Cashfree Payments has been to empower Indian businesses with the ability to transact in the digital economy with unparalleled security and efficiency. 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. Growing sustainably has been core to our identity and how we function at Cashfree Payments. We are focused on driving profitable growth as we scale. Our mission is clear: to create long-term value for our customers and lead innovation in the payments space, both in India and internationally.”
Among recent innovations, the company has built Secure ID, an identity verification stack with a comprehensive suite of APIs and KYC components, addressing the surge in fraud. SecureID enables fintechs and startups to build onboarding and KYC flows by intelligently minimising user inputs, thus reducing drop-offs, intelligently reading and verifying identity documents, and precisely detecting frauds and anomalies. SecureID has completed more than 1 billion identity and user verifications till date.
Sean Hyunil Sohn, CEO of KRAFTON India, said “India’s fintech industry is experiencing remarkable growth, and we believe Cashfree Payment’s dominant position in India can be replicated globally. As the media and entertainment sector and content consumption patterns in India continue to evolve, full-stack payment systems that specifically address the needs and requirements of the sector are crucial for enhancing user experience. The investment is part of KRAFTON’s ongoing efforts to support innovative solutions that drive growth and foster a dynamic startup ecosystem. We look forward to further strengthening this partnership and exploring future opportunities.”
Matteo Stefanel and Udayan Goyal, Co-Founders and Managing Partners at Apis Partners, commented: “As an industry leader with a history of pioneering innovations, Cashfree Payments’ proven track record continues to put it in a leadership position. We are excited to continue our support for its continued growth and success. Apis’ investment philosophy is that there should be no trade-off between returns for LPs and positive societal impact, and the investment in Cashfree is proving to be a perfect example of that.”
In FY25, Cashfree has seen merchant signups grow 130% as compared to previous years and anticipates robust revenue growth, driven by increased wallet share from existing customers and continued success in cross-selling to its broad client base. Cashfree currently processes $80 billion annually and works with 800,000 businesses, from internet startups to public enterprises.
Cashfree is authorised by the Reserve Bank of India to operate as a payment aggregator for both domestic and cross-border payments (Import & Export), and was one of the first entities to be authorised. It is also authorised to issue Prepaid Instruments.
In India, Cashfree is trusted by leading brands like Swiggy, redBus, Zepto, big basket, Bajaj Finance and more. In addition to India, Cashfree Payments is expanding its footprint in the UAE and sees significant growth potential offering payments and related products across the Middle East.
Read the orginal article: https://ffnews.com/newsarticle/funding/cashfree-payments-raises-usd-53-million-inr-450-crore-in-funding-round-led-by-krafton-to-drive-product-innovation-market-expansion-and-global-growth/
