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Cashfree raises $5.5M from Smilegate Investments in Series A Funding

Cashfree Series A Funding Highlights

  • The $5.5 million deal is led by Smilegate Investment — the fund affiliated with Korean games firm Smilegate.
  • Existing investor Y Combinator, and other notable investors including George Osborne, former Chancellor of the Exchequer, United Kingdom, and Vellayan Subbiah, former MD of Cholamandalam Investment, also participated in the round.
  • Cashfree was started by Reeju Datta and Akash Sinha in 2015 & based in Bengaluru, India.
  • The current annual run rate of the company is $4.5 billion and it will use the latest funding to expand its team and for the distribution of its API Banking platform – Payouts

The payment gateway startup, cashfree raises $5.5million in series A funding. 

Korea’s Smilegate Investments led the round, which also included participation from existing investor Y Combinator, and other notable investors including George Osborne, former Chancellor of the Exchequer, United Kingdom, and Vellayan Subbiah, former MD of Cholamandalam Investment.

Founded in 2015 by Akash Sinha and Reeju Datta, cashfree is based in Bangalore and having a team strength of 45 people.

Cashfree is a next generation payment gateway that helps Indian businesses both collect and disburse payments via almost 100 payment methods including Visa, MasterCard, Rupay, UPI, IMPS, NEFT, Paytm & other wallets, Pay Later and various EMI options. 10,000+ businesses have processed more than Rs 6000 Crores of payments using Cashfree offerings.

Cashfree is currently processing around $4.5 billion at an annualised run rate and it is growing 25 per cent month-on-month.

Cashfree offers the highest number of payment modes in India via a single integration — including Pay Later, PayTM, Cardless EMI and even recurring subscription payments.

Cashfree is the only payment gateway that offers instant refunds versus the industry standard of 5-7 working days — this ensures Cashfree merchants are able to delight their customers while running business operations smoothly.

Visit website: https://www.cashfree.com/

[bctt tweet=”Cashfree raises $5.5M from Smilegate Investments in Series A Funding. #funding #startupIndia #entrepreneurship #bizztor @gocashfree” username=”bizztor_in”]

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