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Cashfree , an Indian payments startup that facilitate and processes more than $ 80 billion for its customer each year , has raised $ 53 million in a Modern round of funding as it pitch up to deepen its front in some international market .
Krafton , maker of sleeper hit titles such as PUBG and BGMI , lead Cashfree ’s Series C financing round alongside existing investor Apis Growth Fund , the two said Wednesday . The funding value the 9 - year - old inauguration , which hasraised nearly $ 100 million to appointment , at $ 700 million , harmonise to a rootage familiar with the footing .
It ’s an unusual peck — a play companionship place in a payments inauguration — but the two firms see strategic value in the partnership , their executives told TechCrunch in an audience .
“ Krafton is a gravid organisation , very active in the digital content space over the internet and payment company like us see a sizeable marketplace opportunity alongside e - commerce , travel and other fiscal service , ” Akash Sinha , cobalt - beginner and main executive director of Cashfree , said in an consultation . “ There are synergies around building unseamed defrayment menses for smaller tag sizes . ”
In Cashfree , Krafton has found a reliable payments partner both for itself as well as its growing portfolio of startup in the country , many of which will explore switching to the Bengaluru house ’s oblation in the future . While the two companies do n’t currently treat payments for games like BGMI , treatment are afoot and a partnership is expected soon , they state .
“ India ’s fintech manufacture is experiencing remarkable emergence , and we believe Cashfree Payment ’s dominant position in India can be replicated globally , ” said Sean Hyunil Sohn , chief operating officer of Krafton India .
The Bangalore - ground startup , whose client admit Swiggy , Zepto , and Bajaj Finance , offers a mountain chain of products including payment gateway services and automated payouts to innovative features such as PayToPhone for mobile number - base transfers and RiskShield for fraud bar .
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Cashfree has established itself as a one - stop payment solution . Beyond its extensive domestic operation , where it extend more than 180 payment options and instant settlement features , the inauguration is sharply extend in the Middle East . It ’s particularly targeting six major mart – the UAE , Saudi Arabia , Egypt , and three minor grocery including Jordan and Kuwait – with these state developing their own domesticated payment system exchangeable to India ’s UPI and RuPay networks .
“ MENA is large enough , ” Sinha articulate . “ We want to be a leader in this market . We are focusing on six big marketplaces like UAE , Saudi , Egypt and three smaller market like Jordan and Kuwait . ”
Cashfree ’s founders slip up into the payments business concern by accident . In 2015 , Akash Sinha and Reeju Datta start with a canonical service of process : help Bangalore restaurant delivery workers gather cash from customers . Neither had ferment in payment before . But when their restaurant customer asked for online payment options , they spotted a bigger chance .
Early investors were n’t positive . Many doubted a requital processing startup could scale speedily enough to count . Y Combinator ’s acceptance changed that trajectory , even though the founders had missed covering deadlines and could n’t make it to the mountain on time .
The inauguration has recently secured two extra licenses , including one for ill-tempered - border proceedings , and has travel live with several outside customers .
Cashfree ’s technology stack tolerate businesses to process up to 12,000 transactions per second during peak demand . The inauguration has also develop SecureID , an individuality verification system that has perform over a billion verifications to date , help oneself businesses battle fraud while reducing client free fall - offs during onboarding .
Cashfree is one of the first company to get authorization from India ’s key camber to operate as a defrayal aggregator for both domesticated and international proceedings . The inauguration also counts Y Combinator and State Bank of India among its earliest backers .
For Krafton , the investment aligns with its all-inclusive scheme in India , where it has investednearly $ 200 millionacross several inauguration .
