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Indian payment processor Cashfree raises $35.5 million

Indian payment processor Cashfree raises $35.5 million

Indian digital payments processor Cashfree has raised $35.5 million in a Series B funding round led by Apis Growth Fund II, with participation from existing investor Y Combinator.

Founded in 2015, the Bengaluru-based fintech currently processes over $12bn in annualised payment volumes for more than 50,000 merchant clients, including the likes of iCred, BigBasket, Zomato, HDFC Ergo, Ixigo, Acko, Zoomcar, and Delhivery.

Key to the company's growth has been its bulk disbursal solution - Payouts - which helps businesses send money instantly to bank accounts, cards, UPI, and wallets with a simple integration. Use cases for Payouts include vendor payouts, wage payouts, e-commerce refunds, insurance claims processing, loan disbursements, expense reimbursements, loyalty, and rewards payments.

In addition to Payouts, Cashfree’s Payment Gateway supports payments from more than 100 payment channels. The company also offers a number of adjacent value-added products, including a split payment solution for marketplaces, instant refunds, payment pre-authorisation, recurring payments via Subscription and bank account verification.

Joining Cashfree as a board member, Udayan Goyal, managing partner and Apis co-founder comments: “As digital payments proliferate globally, the Indian market continues to represent one of the most exciting opportunities that we see in the world. Cashfree has maintained a leadership position in this space and is now going through a period of rapid growth fuelled by the development of unique and innovative products that serve the needs of its customers."

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