US accelerator programme Y Combinator – from which Cashfree graduated in 2017 – also participated in the round, along with previous investors Vellayan Subbiah, former managing director of Cholamandalam Investment, and ex-UK Chancellor, George Osborne.
Having originally launched as a payment gateway, Cashfree also focuses on moving money in India and connects its customers’ corporate banking services via a single interface.
The company intends to use the new investment to expand its team and to distribute its API banking platform, Payouts.
The company is used by more than 12,000 businesses to disperse bulk transfers for vendor payments, wages, refunds and more, via India’s UPI system or wallet accounts like Paytm. Cashfree also cuts down on manual work for customers by offering analysis, such as calculating top vendors and aggregating payouts.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now