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.
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.
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