Cashfree raises $5.5 Million from Y Combinator, Korea’s Smilegate and others in Series A funding round
Cashfree raises $5.5 Million in its series A funding round led by Smilegate Investment.
Cashfree plans to push employees count from 45 to 100.
The business of Cashfree is enhancing 25% month on month and processing $4.5 billion at an annualized run rate.
Bengaluru based corporate banking services easing startup Cashfree has raised $5.5 Million in its series A funding round. The round is led by the fund affiliated with Korean games firm Smilegate, Smilegate Investment. Existing investors Y Combinator, Vellayan Subbiah, former managing director of Cholamandalam Investment and George Osborne, former Chancellor of the Exchequer of the United Kingdom also participated in the funding round. The firm is planning to use raised funds in the distribution of its API Banking platform Payouts and enhancing employees count from 45 to 100.
Cashfree came into action in 2015 by Reeju Datta and Akash Sinha. It is a payments and banking Technology Company which permits businesses to send money instantly to bank accounts and cards by using API which can be integrated with their product, instead of uploading complicated files on their corporate banking portal. Recently Cashfree is being used by above 12,000 businesses for loyalty, rewards, wage and vendor payouts and expense reimbursements.
Cashfree offers four products that provide easy to integrate payment gateway that assists in a split payment solution for marketplaces, instant refunds, a Bank Account Verification API and Auto Collect, a virtual account solution to match inbound payments to customers. Cashfree Payout API gives an opportunity to users because by using its platform money can be moved even on bank holidays and to modes not supported otherwise by banks such as direct payment to a debit card, UPI and Paytm Wallet.
The start-up is enhancing its business by 25% month on month and processing $4.5 billion at an annualized run rate. The firm is providing its services to all market giants including ExxonMobil, Tencent, Zomato, Cred, Dunzo, Milaap, Xiaomi, Club Factory, and Ketto. Cashfree services are also integrated with major internet companies such as Shopify, Wix, PayPal, Amazon Pay, Google Pay, and Ola. The firm is expanding its business at a great pace.
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