Digital payments platform Cashfree on Monday announced that State Bank of India (SBI) has made an investment in the organisation for an undisclosed sum. Incubated by payments pioneer PayPal, Cashfree is backed by Apis Partners, Smilegate and Y Combinator. The platform is being used by businesses like Zomato, CRED, Nykaa, Delhivery, Acko and Shell, among others, for ecommerce payment collection, vendor payments and marketplace settlements etc.
Cashfree provides a full-stack payments solutions platform enabling over 100,000 growing businesses to accept and disburse payment online through a single integration. The company says it is processing transactions worth $20 billion annually. Apart from India, Cashfree's products are used in eight other countries including the US, Canada, and the UAE.
On the other hand, YONO, a digital and lifestyle platform by SBI, has over 37 million registered users and witnesses 9 million logins per day. The SBI has opened approximately 2 million accounts through YONO in the quarter ended March 2021 with over 93 per cent of YONO eligible savings bank customers migrated on YONO.
"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 Akash Sinha, Co-Founder and CEO, Cashfree. "The investment fits perfectly with our growth strategy as we continue to focus on customer experience and product innovation," Sinha added.