Cashfree, digital payments and banking technology company, today announced that India’s largest lender, State Bank of India (SBI) has made an investment in the organisation. The move reinforces their shared vision of promoting digital modes of payments.
Cashfree provides a full-stack payments solutions platform enabling businesses in India and across the globe to accept and disburse payment online through a single integration. Cashfree processes transactions worth $20 billion annually. Apart from India, Cashfree’s products are used in eight other countries including the USA, Canada, and the UAE.
“The investment from India’s largest bank shows its trust in Cashfree’s innovation and the way we are rapidly scaling up the payments business. This also underscores Cashfree’s role towards building a payments ecosystem that enables the fastest and easiest way to collect payments and make payouts for growing businesses,” says Akash Sinha, Co-Founder and CEO, Cashfree.
Incubated by payments pioneer PayPal, Cashfree is backed by Apis Partners, Smilegate and Y Combinator. Cashfree is used by businesses like Zomato, CRED, Nykaa, Delhivery, Acko, Shell, among others for various business payment needs like ecommerce payment collection, vendor payments, marketplace settlements etc.
