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Cashfree to expand cross-border payments after $53 mn funding | Company Business News

Livemint

Livemint · 6m ago

Cashfree to expand cross-border payments after $53 mn funding | Company Business News

Cashfree Payments, backed by Krafton and Apis Growth Fund II, raised $53 million, elevating its valuation to $700 million. The company plans to expand its cross-border payment services, focusing on customer experience, merchant interaction, and payment infrastructure. CEO Akash Sinha noted plans to expand in the Middle East via Telr, a firm they acquired in the UAE. International revenue stands at 10-15%, serving as a “booster,” with no immediate IPO plans.

Related News

Cashfree raises $53 mn from Krafton, Apis; bullish about UAE expansion

The Arc Web

The Arc Web · 6m ago

Cashfree raises $53 mn from Krafton, Apis; bullish about UAE expansion

Cashfree Payments raised $53 million in a Series C round, led by Krafton and Apis Growth Fund II, boosting its valuation to $700 million. The company plans to use funds for UAE expansion and enhancing cross-border payments, having acquired Telr for $15 million. Currently processing $80 billion with 800,000 merchants, Cashfree targets 80% revenue growth in FY25. The RBI's payment aggregator license lifted restrictions, spurring a 130% surge in merchant sign-ups.

Tackling fake Aadhaar cards and cross border payments: Inside Cashfree’s next phase of growth

YourStory

YourStory · 3m ago

Tackling fake Aadhaar cards and cross border payments: Inside Cashfree’s next phase of growth

Cashfree Payments, a Bengaluru-based fintech company, focuses on AI-driven fraud prevention and cross-border payment solutions. The company plans to expand its Secure ID fraud-detection suite and capture cross-border payment flows, anticipating substantial growth. Cashfree leverages AI for identity verification and fraud detection, contributing significantly to its revenue. Co-founders Reeju Datta and Akash Sinha highlight their strategy of building robust infrastructure to facilitate international and domestic transaction flows, aiming to strengthen their position in India’s digital payments market.

Cashfree appoints Nitin Pulyani as its head of product

Economic Times

Economic Times · 11m ago

Cashfree appoints Nitin Pulyani as its head of product

Digital payments startup Cashfree Payments has appointed Nitin Pulyani as its Head of Product and Senior Vice President. Pulyani, who previously worked with fintech companies like PhonePe and Jupiter, will lead product innovation and develop growth strategies for Cashfree. This appointment comes after Cashfree recently secured licenses from the Reserve Bank of India for payment aggregation and cross-border payments. With transaction worth $80 billion annually, Cashfree serves over 600,000 businesses and is expanding its presence in West Asia through its partner, Telr.

Cashfree will double down on payment gateway business, 15,000 merchants to go live soon: CEO Akash Sinha

Money Control

Money Control · 1y ago

Cashfree will double down on payment gateway business, 15,000 merchants to go live soon: CEO Akash Sinha

Cashfree, an Indian payment processing company, recently received the final authorization from the Reserve Bank of India to operate as a Payment Aggregator. The CEO of Cashfree, Akash Sinha, expressed excitement about the approval, stating that they have a significant number of merchants ready to go live on the platform. Sinha believes that this approval will help the company regain profitability, as they reported a loss in the previous fiscal year. Cashfree aims to focus on scaling their payment gateway business and expects to triple their transaction volumes in the next year. Additionally, they plan to expand their offerings in cross-border payments and forex.

Cashfree Gets RBI’s Prepaid Payment Instrument Licence

Inc42 · 10m ago

Cashfree Gets RBI’s Prepaid Payment Instrument Licence

Cashfree has become the first fintech company to secure licences for payment aggregator (PA), payment aggregator-cross-border (PA-CB), and prepaid payment instrument (PPI) from the RBI. The PPI license will allow Cashfree to issue prepaid payment instruments such as cards and digital wallets. Founded in 2015, Cashfree offers a comprehensive digital payments solution platform.

South Korea's Krafton leads $53 mn funding in Cashfree Payments

VCCircle

VCCircle · 6m ago

South Korea's Krafton leads $53 mn funding in Cashfree Payments

South Korean firm Krafton led a $53 million funding round for India-based Cashfree Payments, with participation from existing investor Apis Growth Fund II. Cashfree intends to use this investment to accelerate its payment solutions and enhance its market reach. Founded in 2015, Cashfree provides comprehensive payment solutions to businesses and plans to leverage Krafton's expertise to innovate across digital sectors. Cashfree processes $80 billion annually and serves 800,000 businesses, including notable clients like Swiggy and BigBasket.

PayPal gets RBI nod for facilitating outbound cross-border payments

YourStory

YourStory · 3m ago

PayPal gets RBI nod for facilitating outbound cross-border payments

PayPal Payments Private Limited, an Indian subsidiary of PayPal Holdings Inc., has received in-principle approval from the Reserve Bank of India to operate as a Payment Aggregator for Cross Border Exports. This regulatory nod enables PayPal to facilitate outbound payments for Indian merchants in global trade under a regulated framework. While PayPal focuses on outbound cross-border payments in India, the competitive landscape is intensifying with similar approvals for other firms like Cashfree Payments and Amazon Pay.

UAE's National Pulse invests in Singapore fintech firm Aleta Planet

VCCircle

VCCircle · 1y ago

UAE's National Pulse invests in Singapore fintech firm Aleta Planet

United Arab Emirates (UAE) strategic management company, National Pulse, has invested in Singapore-based payments solutions provider, Aleta Planet. The financial details of the investment were not disclosed. The investment will allow Aleta Planet to expand in the UAE, Middle East, and Africa, providing cross-border payment services for businesses in the region. Aleta Planet facilitates global payments, including through platforms like UnionPay, and handles around $2 billion in cross-border payments annually. With National Pulse's support, Aleta Planet aims to reach $6 billion in transactions within the next year. The companies also plan to establish a joint venture focusing on business-to-business cross-border transactions.

Cashfree Payments raises $53 Mn led by KRAFTON

Entrackr

Entrackr · 6m ago

Cashfree Payments raises $53 Mn led by KRAFTON

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.

Skydo secures RBI licence to offer cross-border payments

Economic Times

Economic Times · 7m ago

Skydo secures RBI licence to offer cross-border payments

Skydo Technologies, a Bengaluru-based cross-border payments company, has received in-principle approval from the Reserve Bank of India to operate as a Payment Aggregator-Cross Border entity. With this license, Skydo plans to expand its offerings, simplify cross-border payments for over 12,000 Indian exporters, and increase its payments volume significantly. Additionally, it has secured Payment Service Provider approval from Amazon, enhancing its services for exporters in Amazon's Global Selling program. The company aims to broaden its operations to include credit and treasury services.

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