Launched in 2015 with the purpose of easing the process of cash collection for restaurants, this Indian startup has since been processing transactions worth USD 20 billion annually. The payments platform is used in eight other countries including the USA, Canada, and the UAE. Founded by the two engineering graduates, Akash Sinha and Reeju Datta, the Bengaluru-based Cashfree, recently also announced its partnership with the American fintech company, PayPal, to enable international payments and optimise the payments process for small businesses.
“The investment fits perfectly with our growth strategy as we continue to focus on customer experience and product innovation” commented Akash Sinha, cofounder & CEO, Cashfree. He added, “We are excited about our partnership with the country’s trusted and leading lender SBI.” The company aims at reducing the turnaround time to digital transactions among Indian businesses with the fresh investment by SBI, according to the statement.
The payments and banking technology company is used by businesses like Zomato, CRED, Nykaa, Delhivery, Acko, Shell, among others for various business payment needs like ecommerce payment collection for platforms like Shopify and Magento, vendor payments and marketplace settlements. During FY20, Cashfree’s operating revenues rose 3.6X year-on-year to INR 99.43 crore and it reported a profit after tax of INR 20 crore.