Cashfree Payments, a Bengaluru-based startup offering payment solutions, has secured $53 million (about Rs 450 crore) in its latest funding round. This round was led by KRAFTON, a South Korean gaming company known for popular titles like PUBG. The round also saw continued support from Apis Growth Fund II, a private equity fund managed by Apis Partners Group.
This new funding marks Cashfree’s first external investment since June 2021 and brings the total amount of funding raised over its nine-year journey to around $95 million. The startup plans to use this capital to accelerate its offerings, expand its market reach, and enhance its position in the competitive FinTech industry.
Market Reach in India
With the fresh investment, Cashfree aims to strengthen its position in the Indian payments market and expand its operations in global markets, particularly in the Middle East and the United Arab Emirates. Akash Sinha, CEO and co-founder of Cashfree Payments, highlighted that the funding will help the company focus on cross-border payments, enhance its security innovations, and support its international expansion efforts.
Sinha mentioned, “This investment will help us accelerate our key efforts—across cross-border and security innovations and international expansion—as we enter the next phase of our growth journey. Growing sustainably has been core to our identity, and we are focused on driving profitable growth as we scale.”
Strengthening Payment Solutions
Cashfree Payments has built a robust payment infrastructure that can handle up to 12,000 transactions per second during peak demand, making it a reliable platform for businesses of all sizes. The startup has also introduced Embedded Payments, which allows platforms, ERPs, and SaaS businesses to integrate payment features easily and stay compliant with regulatory standards.
In addition, Cashfree has rolled out Secure ID, an advanced identity verification solution that includes a wide range of APIs and KYC components. Secure ID addresses the growing threat of fraud by enabling fintech companies and startups to streamline user onboarding processes, reduce drop-offs, and detect fraudulent activities with accuracy. The solution has already powered over one billion user verifications.
Strategic Funding By KRAFTON
KRAFTON India’s CEO, Sean Hyunil Sohn, commented on the investment, saying, “India’s FinTech industry is growing rapidly, and Cashfree Payments is in a dominant position in the market. We believe the company’s success in India can be replicated globally.” Sohn highlighted the importance of full-stack payment systems in the media and entertainment sectors, where content consumption patterns are evolving.
The investment is part of KRAFTON’s strategy to support innovative solutions that drive growth and contribute to building a dynamic startup ecosystem in India. This partnership will also help Cashfree further enhance its user experience and explore new opportunities for growth in the payment solutions sector.
Cashfree Payments: Regulatory Compliance
Currently, Cashfree Payments holds three important licenses:
- Online payment aggregator license
- Payment aggregator license for cross-border payments
- Prepaid payments instrument (PPI) authorization
These licenses enable the company to operate in the digital payments ecosystem and ensure compliance with Indian regulations, providing businesses with safe, scalable, and efficient payment solutions.
Cashfree Payments is well-positioned to capitalize on its new funding and continue its growth in both domestic and international markets. The company’s focus on security, cross-border payments, and embedded payment solutions will help strengthen its position in the competitive FinTech sector. With the backing of KRAFTON and other investors, Cashfree is poised to make significant strides in the global digital payments space.
