India's largest bank SBI invests in leading digital payments firm Cashfree
BANGALORE , India, June 7, 2021 /PRNewswire/ -- Cashfree, India's leading 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.
A leader in payments innovation, Cashfree provides a full-stack payments solutions platform enabling over 100,000 growing businesses in India and across the globe to accept and disburse payment 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.
"We are excited about our partnership with the country's trusted and leading lender SBI. 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. As we work towards digitising the economy, we remain committed to bringing uniformity, transparency and a reduced turnaround time to digital transactions among Indian businesses. The investment fits perfectly with our growth strategy as we continue to focus on customer experience and product innovation," says Akash Sinha, Co-Founder & 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.
Cashfree is a leading payments and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with a simple integration. Cashfree's offerings include an advanced and easy way to integrate payment gateway, a split payment solution for marketplaces, bank account verification API and Auto Collect -- a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree's products are used in eight other countries including USA, Canada and UAE. Cashfree is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.