Cashfree, an India-based payments solutions company that helps Indian and global businesses to collect and disburse payments, has received USD 35.3 million as part of its Series B raise.
The fintech company processes all payment methods including credit card, debit card, net banking, UPI, and popular wallets. As of March 2020, Cashfree was processing over USD 12 billion in annualised payment volume, according to the official press release. The fintech counts more than 50,000 businesses amongst its merchants including internet companies such as Cred, BigBasket, Zomato, HDFC Ergo, Ixigo, Acko, Zoomcar, and Delhivery among others.
One of the key growth drivers for Cashfree is its bulk disbursal solution – Payouts – that was launched in 2016. Payouts help businesses send money instantly to bank accounts, cards, UPI, and wallets. Use cases for payouts include vendor payouts, wage payouts, ecommerce refunds, insurance claims processing, loan disbursements, expense reimbursements, loyalty, and rewards payments.
The company furthers its growth strategy through the launch of adjacent products to its merchants including a split payment solution for marketplaces, instant refunds, payment pre-authorisation, recurring payments via Subscription, and bank account verification.
The investment was led by growth stage financial services investor, Apis Growth Fund II, with participation from existing investor Y Combinator.
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