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Cashfree Payments co-founders Reeju Dutta and Akash Sinha
Cashfree Payments, a Bengaluru-based payments solutions startup, has raised $53 million (about Rs 450 crore) in a funding round led by South Korea’s gaming company KRAFTON.
The round also saw continued participation from Apis Growth Fund II, a private equity fund managed by Apis Partners Group.
This marks Cashfree’s first external funding since June 2021 and brings the startup's total capital raised over its nine-year journey to about $95 million.
Cashfree Payments said the capital will accelerate its offering and boost market outreach. "This collaboration will also position Cashfree to leverage synergies with KRAFTON, fuelling innovation and pioneering new solutions across multiple digital sectors," the startup said.
Strengthen its reach in India and expand globally
Cashfree plans to use the new funds to strengthen its reach in India and expand globally, particularly in the Middle East and the United Arab Emirates.
Akash Sinha, CEO and co-founder of Cashfree Payments, said the fresh funds will help boost the company’s cross-border efforts, security innovations and international expansion.
"This investment will help us accelerate our key efforts—across cross-border and security innovations and international expansion—as we enter the next phase of our growth journey. Growing sustainably has been core to our identity and how we function at Cashfree Payments. We are focused on driving profitable growth as we scale," said Sinha.
Strengthening payments and fraud prevention
Cashfree said that its payment infrastructure can handle up to 12,000 transactions per second during peak demand, making it a robust option for businesses of all sizes. The startup has also introduced Embedded Payments, allowing platforms, ERPs, and SaaS businesses to integrate payment features easily and comply with regulations.
It recently rolled out Secure ID, an advanced identity verification stack that includes a full range of APIs and KYC components.
This solution addresses the rising threat of fraud by helping fintech firms and other startups streamline user onboarding, reduce drop-offs, and accurately detect fraudulent activities. Cashfree claims that Secure ID has already powered over one billion identity and user verifications.
Investor comments
Sean Hyunil Sohn, CEO of KRAFTON India, said, “India’s FinTech industry is experiencing remarkable growth, and we believe Cashfree Payment’s dominant position in India can be replicated globally. As the media and entertainment sector and content consumption patterns in India continue to evolve, full-stack payment systems that specifically address the needs and requirements of the sector are crucial for enhancing user experience. The investment is part of KRAFTON’s ongoing efforts to support innovative solutions that drive growth and foster a dynamic startup ecosystem. We look forward to further strengthening this partnership and exploring future opportunities.”
At present, the company holds three licences, including an online payment aggregator licence, a payment aggregator licence for cross-border payments, and a prepaid payments instrument (PPI) authorisation.
Its clientele includes major brands like Swiggy, redBus, Zepto, Big Basket, and Bajaj Finance.