SBI Invests In Fintech Firm Cashfree
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Digital payments and banking technology company Cashfree on Monday announced that the lender State Bank of India (SBI) has made an investment in the organization.
The move reinforces their shared vision of promoting digital modes of payments.
A leader in payments innovation, Cashfree provides a full-stack payments solutions platform enabling over 100,000 growing businesses in India and across the globe to accept and disburse payment online through a single integration.
Currently ranked among the leading payment service providers in India, Cashfree processes transactions worth $20 billion annually. Apart from India, Cashfree’s products are used in eight other countries including the USA, Canada, and the UAE, the company shared.
“We are excited about our partnership with the country’s trusted and leading lender SBI. The investment from India’s largest bank shows its trust in Cashfree’s innovation and the way we are rapidly scaling up the payments business. This also underscores Cashfree’s role in building a payments ecosystem that enables the fastest and easiest way to collect payments and make payouts for growing businesses. As we work towards digitizing the economy, we remain committed to bringing uniformity, transparency, and a reduced turnaround time to digital transactions among Indian businesses. The investment fits perfectly with our growth strategy as we continue to focus on customer experience and product innovation,” said Akash Sinha, co-founder, and chief executive officer, Cashfree.
Incubated by payments pioneer PayPal, Cashfree is backed by Apis Partners, Smilegate, and Y Combinator. Cashfree is used by businesses like Zomato, CRED, Nykaa, Delhivery, Acko, Shell, among others for various business payment needs like e-commerce payment collection, vendor payments, marketplace settlements, etc.