State Bank of India has made an undislcosed investment in Paypal-incubated digital payments processor Cashfree.
Founded in 2015, the Bengaluru-based fintech currently processes over $20bn in annualised payment volumes for more than 100,000 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.
Apart from India, Cashfree’s products are used in eight other countries including the USA, Canada, and the UAE.
SBI's investment in the fast-growing startup follows a $35.5 million Series B funding round secured in November last year.
"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 says Akash Sinha, co-founder & CEO, Cashfree. "The investment fits perfectly with our growth strategy as we continue to focus on customer experience and product innovation.”