Cashfree gets new investment from State Bank of India

State Bank of India has invested an undisclosed amount in Bengaluru-based digital payment platform Cashfree. With its latest capital exercise, the country’s largest lender has joined a slew of investors—including Apis Partners, Smilegate and Y Combinator—at the fintech startup’s cap table, The Economic Times reported.

“The company”s total funding since inception is USD 42 million. The total valuation of Cashfree is around USD 200 million,” Cashfree CEO and co-founder Akash Sinha told PTI.

Founded in 2015 , Cashfree provides a full-stack payments solutions platform, enabling over 1 lakh businesses in India and across the globe to accept and disburse payments online through a single integration.

Currently ranked among the leading payment service providers in India, Cashfree processes transactions worth USD 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,” Sinha said.

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He added that the investment fits perfectly with its growth strategy as it continues to focus on customer experience and product innovation. At present Payouts is being used by over 5000 companies in India for vendor payouts by marketplaces; e-commerce refunds, wage payouts; loan disbursement; insurance claims processing; expense reimbursements and reward payouts. Cashfree also allows businesses to verify bank accounts during user onboarding as a part of their KYC process. Cashfree also allows businesses to verify bank accounts during user onboarding as a part of their KYC process.

(with agency inputs)