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State Bank of India Invests in Digital Payment Startup Cashfree

State Bank of India (SBI)

State Bank of India (SBI)

The company's total funding since inception is $42 million, Cashfree said.

Digital payments and banking technology company Cashfree on Monday said it has received an investment from State Bank of India (SBI). The company, however, did not disclose the amount of funding raised from SBI.

“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. He added that the company will use the proceeds of the investment to continue investing in the payment infrastructure. Incubated by PayPal, Cashfree is backed by Apis Partners, Smilegate and Y Combinator. Cashfree is used by businesses like Zomato, CRED, Nykaa, Delhivery, Acko and Shell for various business payment needs like e-commerce payment collection, vendor payments and marketplace settlements.

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.

He added that the investment fits perfectly with its growth strategy as it continues to focus on customer experience and product innovation.

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first published:June 07, 2021, 17:54 IST