Payments firm Cashfree Payments has raised $53 million (Rs 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.
The capital will strengthen Cashfree’s payments and market reach while enabling synergy with KRAFTON to drive innovation across digital sectors, the Bengaluru-based company said in a press release.
According to TheKredible, Cashfree has raised approximately $95 million over its nine-year journey from investors including Y combinator, Smilegate Investments, and State Bank of India (SBI). This is the first external fundraiser for the company since June 2021.
Cashfree Payments provides businesses with a fast and easy way to collect payments online, make payouts, improve conversions, and verify identity, and detect fraud during KYC and onboarding. With popular merchant platforms like Shopify, Wix, WordPress, WooCommerce, and WhatsApp, Cashfree enables businesses to start transactions in 24 hours.
The Akash Sinha-led company claims to enable large businesses to process 12,000 transactions per second during peak demand. It has also introduced Embedded Payments, allowing platforms, ERPs, and SaaS businesses to easily and compliantly integrate payments as a feature into their products.
Cashfree recently launched Secure ID, an identity verification stack with a comprehensive suite of APIs and KYC components, addressing the surge in fraud. As per the company, SecureID has completed over 1 billion identity and user verifications to date.
Besides India, Cashfree Payments is expanding its footprint in the UAE and sees significant growth potential in offering payments and related products across the Middle East.
Despite facing a ban on onboarding new merchants for most of FY24, Cashfree’s revenue from operations grew by 4.7% to Rs 642.7 crore from Rs 613.8 crore in FY23. However, the company’s net loss remained unchanged at Rs 135 crore for the fiscal year ending March 2024. It majorly competes with Razorpay, PayU, BillDesk, and CCAvenue.
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