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Cashfree Payments raises $53 Mn led by KRAFTON

EntrackrEntrackr · 6m ago
Cashfree Payments raises $53 Mn led by KRAFTON
Medial

Cashfree Payments raises $53 Mn led by KRAFTON The capital will strengthen Cashfree’s payments and market reach while enabling synergy with KRAFTON to drive innovation across digital sectors. 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 fundraise 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 more than 1 billion identity and user verifications to date. Besides India, Cashfree Payments is expanding its footprint in the UAE and sees significant growth potential 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.

Cashfree receives NPCI certification for its own UPI switch

Economic TimesEconomic Times · 10m ago
Cashfree receives NPCI certification for its own UPI switch
Medial

Cashfree Payments has received certification from the National Payments Corporation of India for its UPI Switch service. This certification allows Cashfree to directly integrate with any bank's core banking software, resulting in a higher transaction success rate for its merchants. With this certification, Cashfree can settle around 12,000 transactions per second. The UPI Switch was developed in collaboration with NSDL Payments Bank as the sponsor bank. This achievement will lead to a 5% increase in Cashfree's transaction success rates, faster merchant onboarding, and improved control over the payments process. Cashfree Payments is a leading payment aggregator trusted by over 600,000 businesses, processing transactions worth $80 billion annually.

Cashfree Rolls Out Payment Solution For Software Businesses

Inc42Inc42 · 1y ago
Cashfree Rolls Out Payment Solution For Software Businesses
Medial

Cashfree Payments has introduced Embedded Payments, a new payment solution for software platforms to enhance the payment experience for businesses. This solution enables software platforms, such as ERPs, CRMs, SaaS, or billing platforms, to facilitate direct payments between businesses and users. It seamlessly integrates financial transactions within the digital platform, allowing end users to initiate payments and transfer funds to the business's designated account within the platform's environment. Cashfree claims that over 120 payment modes can be offered without redirects or external interfaces. The solution simplifies merchant onboarding and provides easy integration for managing payments, refunds, and settlements.

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