Fintech Cashfree to become the next major digital payment gateway in India

Fintech Cashfree is a startup that was founded in 2015 by Akash Sinha and Reeju Datta. It is a digital payment gateway that allows businesses to collect payments and make payouts easily.

It is based in Bangalore and funding led by the State Bank of India, it was able to raise a high amount of funding. In November 2020, the company was able to raise almost $35.3 million in a Series B funding led by Y Combinator, Apis Partners and Smilegate Investment.

SBI has been partnering with Fintech for a long time now especially to focus on the development of the YONO digital banking platform.

According to Akash Sinha, the partnership with SBI is evidently the marker of its growth and also that of the trust placed by the public sector bank on their innovation. He also mentioned that they will invest more in the area of digital payment focusing more on customer experience enhancement and creativity.

The startup is supported by PayPal and is said to process over 20 billion a year. It is also a successful API platform in India that enables its customers to use a simple API that is integrated into their product to send money instantly at any time.

The company is expecting to complete transactions of around $30 billion by the end of the Financial Year of 2021. The company is currently focusing only on three cities and intends to extend it across the country. It is also thinking of expanding its merchant base from 55000 to 5 lakh this year.

Easebuzz, Instamojo, YAP, Razorpay and Decentro, supported by Y combinator and PayU are the major competitions that Cashfree has to face. However, Cashfree has customers across the globe including in the US, Canada and the UAE. Many online platforms including Zomato, Delhivery, Acko, Cred, Nykaa, BookMyShow and Dunzo makes use of Cashfree.