Public sector lender State Bank of India (SIBI) has invested in digital payments and banking technology company Cashfree.
The move reinforces their shared vision of promoting digital modes of payments, a release said.
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 $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,” said Cashfree Co-founder and CEO Akash Sinha.
“The investment fits perfectly with our growth strategy as we continue to focus on customer experience and product innovation,” Sinha added.
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, and marketplace settlements, among others.