India’s largest bank invests in payment services provider Cashfree

Cashfree processes $20b worth of transactions annually.

The State Bank of India (SBI), India’s largest lender, has invested an undisclosed amount in Cashfree, a digital payments and banking tech company.

One of the country’s leading payment service providers, Cashfree processes $20b worth of transactions annually and is active in eight other countries, including USA, Canada, and UAE.

Cashfree reportedly provides a payments solutions platform enabling over 100,000 growing businesses in India and across the globe to accept and disburse payment online through a single integration, the press release said.

Incubated by payments pioneer PayPal, the payments platform is backed by Apis Partners, Smilegate and Y Combinator. Cashfree is used by businesses like Zomato, Cred, Nykaa, Delhivery, Acko, Shell amongst others for various business payment needs such as ecommerce payment collection, vendor payments, marketplace settlements.

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L-R) Reeju Datta Co-Founder of Cashfree and Akash Sinha CEO and Co-Founder of Cashfree