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Cashfree Payments Secures $53M Funding to Fuel Innovation & Expansion

Cashfree Payments secures $53M funding from KRAFTON & Apis Partners to drive innovation, expand global reach, and enhance payment solutions for businesses.

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CIOL Bureau
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Cashfree Payments

Cashfree Payments Photograph: (Cashfree Payments)

Cashfree Payments has raised USD 53 million (INR 450 crore) in a funding round led by KRAFTON, the South Korean digital entertainment giant, with participation from existing investor Apis Growth Fund II, managed by Apis Partners Group (UK) Limited. The fresh capital will be instrumental in accelerating product innovation, market expansion, and global growth.

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The collaboration with KRAFTON is expected to fuel Cashfree Payments’ technological advancements, leveraging synergies to enhance digital payments and pioneer new solutions across diverse industries.

Enhancing Digital Transactions and Merchant Services

Cashfree Payments simplifies online payments and payouts for businesses through a seamless onboarding and integration process. The platform is compatible with popular merchant platforms such as Shopify, Wix, WordPress, WooCommerce, and WhatsApp, enabling businesses to start processing transactions within a day.

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Key features include one-click checkout, abandoned cart recovery, and return prediction, all designed to enhance payment efficiency and boost merchant conversion rates. Cashfree also boasts direct integration with major payment networks, ensuring high success rates and reliability at scale. It enables large enterprises to process 12,000 transactions per second, ensuring smooth transactions even during peak demand periods.

The company has also introduced Embedded Payments, allowing ERPs, SaaS platforms, and other businesses to integrate payments into their services effortlessly while maintaining compliance.

Akash Sinha, CEO & Co-Founder, Cashfree Payments, stated: “We are excited to welcome KRAFTON as a strategic partner, along with the continued support from Apis Growth Fund II and Apis Partners. Our mission at Cashfree Payments has always been to empower Indian businesses with unparalleled security and efficiency in digital transactions. This investment will accelerate our efforts in cross-border transactions, security innovations, and international expansion as we enter our next growth phase.

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Growing sustainably has been core to our identity at Cashfree Payments. We are committed to profitable growth while scaling our solutions to create long-term value for customers and drive payments innovation in India and globally.”

Advancing Fraud Prevention with Secure ID

To address the rising challenge of fraud, Cashfree Payments has developed Secure ID, a comprehensive identity verification stack featuring advanced APIs and KYC solutions. Secure ID enables fintech firms and startups to streamline onboarding and KYC processes, reducing drop-offs while enhancing fraud detection and compliance.

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Secure ID has already processed over 1 billion identity verifications, helping businesses verify user identities, detect anomalies, and minimize fraud risks with precision.

Sean Hyunil Sohn, CEO of KRAFTON India, highlighted Cashfree Payments' potential to scale globally: "India's fintech industry is experiencing remarkable growth, and we believe Cashfree Payments’ strong position in India can be successfully replicated on a global scale. As digital payments become integral to sectors like media, entertainment, and e-commerce, full-stack payment systems are critical for enhancing user experiences.

Our investment aligns with KRAFTON’s commitment to supporting innovative fintech solutions that foster startup growth and digital transformation. We look forward to strengthening this partnership further."

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Matteo Stefanel and Udayan Goyal, Co-Founders and Managing Partners at Apis Partners, added: "As an industry leader in digital payments, Cashfree Payments’ innovative solutions continue to position it at the forefront of fintech advancements. Our continued investment reflects our belief in Cashfree’s ability to scale sustainably while delivering strong financial returns and positive societal impact."

Scaling Rapidly with a Strong Market Presence

Cashfree Payments has witnessed a 130% increase in merchant signups compared to previous years and anticipates strong revenue growth in FY25. The company currently processes $80 billion annually and serves 800,000+ businesses, including internet startups, public enterprises, and large corporations.

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As one of the first Reserve Bank of India-authorized payment aggregators for domestic and cross-border payments, Cashfree Payments continues to expand its footprint in global markets, including the UAE and the Middle East, tapping into new opportunities for growth.

In India, Cashfree Payments is a preferred choice for industry leaders such as Swiggy, redBus, Zepto, BigBasket, Bajaj Finance, and many more. The company remains committed to pushing the boundaries of fintech innovation while maintaining its mission of secure, scalable, and efficient digital payments.