As part of its efforts to encourage digital payments, the State Bank of India has made an undisclosed investment into Cashfree, a digital payments and banking technology startup. According to insiders, the lender has acquired a minority investment in the Bengaluru-based firm.
Cashfree raised $35.3 million in Series B fundraising in November of last year, spearheaded by Apis Growth Fund II of the United Kingdom.
Cashfree is a full-stack payments solutions platform that allows over 100,000 growing businesses in India and worldwide to accept and distribute payments online with only one integration. Nykaa, Zomato, BigBasket, and Delhivery are among its customers, and it offers services such as online payment collection, vendor payments, and marketplace settlements.
Cashfree, which Y-Combinator supports, has doubled its user base since the pandemic hit, with over 100,000 businesses transacting over two million transactions every day.
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