Cashfree Payments Secures $53M Funding to Revolutionize Cross-Border Payments and Enhance Security Technology

Cashfree Payments Secures $53M Funding to Revolutionize Cross-Border Payments and Enhance Security Technology

Cashfree Payments, a leading FinTech company based in India, has recently secured $53 million in funding, a significant boost aimed at enhancing its digital payment solutions and expanding its international footprint. This investment round was spearheaded by KRAFTON, a prominent player in the digital entertainment sector from South Korea, alongside contributions from existing investor Apis Growth Fund II. The primary goal of this funding is to accelerate Cashfree’s product innovation and enhance its global market presence.

Overview of Cashfree Payments

Founded to facilitate seamless transactions, Cashfree Payments offers a robust digital payment infrastructure that empowers businesses to:

  • Collect payments efficiently
  • Process payouts with ease
  • Verify identities during onboarding
  • Detect fraud during KYC processes

Its technology integrates smoothly with major platforms like Shopify, Wix, WordPress, WooCommerce, and WhatsApp, allowing businesses to initiate transactions within a day.

Innovative Features and Capabilities

Cashfree Payments enhances the user experience with several innovative features, including:

  • One-click checkout for faster transactions
  • Abandoned cart recovery to increase sales
  • Return prediction to improve customer satisfaction

During peak demand, Cashfree can handle up to 12,000 transactions per second, underscoring its capacity to support high-volume operations.

Strategic Goals and Future Plans

The newly acquired capital will be pivotal in expanding Cashfree’s market outreach and enhancing its existing services. The company has recently launched Secure ID, an advanced identity verification system that incorporates APIs and KYC components, designed to streamline onboarding while mitigating fraud and identity theft. To date, Secure ID has processed over 1 billion identity verifications.

Statements from Leadership

Akash Sinha, CEO and co-founder of Cashfree Payments, expressed enthusiasm about the partnership with KRAFTON, emphasizing the significance of this investment for accelerating their key initiatives in cross-border transactions and security innovations. He stated, “Our mission at Cashfree Payments has been to empower Indian businesses in the digital economy with unmatched security and efficiency.”

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Sean Hyunil Sohn, CEO of KRAFTON India, highlighted the rapid growth of India’s fintech sector, asserting that Cashfree’s robust position in India is poised for global replication. He mentioned the importance of full-stack payment systems tailored to the evolving media and entertainment landscape in India, emphasizing the investment’s role in fostering a dynamic startup ecosystem.

Growth Metrics and Market Impact

Cashfree Payments has observed a remarkable 130% increase in merchant signups compared to previous years, anticipating continued revenue growth through expanded wallet share and cross-selling opportunities. With an annual transaction volume of $80 billion, Cashfree serves over 800,000 businesses, ranging from startups to large enterprises.

For more insights into digital payments and fintech innovations, explore our related articles on FinTech News and Payment Solutions.

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