The Y Combinator-backed Fin-tech company Cashfree raises $5.5 Million in Series A round. It previously raised $120,000 in 2017. This seed funding came from startup accelerator Y Combinator.
The Company raised $5.5 Million in Series A round. This round was led by South Korean Venture Capital Firm, Smilegate. It had earlier raised funds from Y Combinator and other investors in 2017.
Cashfree’s future plans
Reeju Datta said that the company is currently processing around $4.5 billion worth of money through the platform at an annualised basis and the number is growing 25% month-on-month.
The company aims to scale up into a full-service business banking platform to help small enterprises manage their finances better in a more organised fashion.
The Bengaluru-based payments and banking technology company will be using the freshly raised funds to expand its team and for the distribution of its API Banking platform – Payouts. Currently, the team size stands at 45.
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The app is currently used by 12,000 businesses for vendor payouts, wage payouts, build refunds, expense reimbursements, loyalty, and rewards. It claims Xiaomi, Tencent, Delhivery, Zomato, Cred, Club Factory, and ExxonMobil among its customers.
We are in an exciting phase of fintech in India. There are new companies coming up that require flexibility and control over how money moves. Our API banking platform and payouts enable this. It connects any organisation’s software product or ERP to the banking system for automated transactions. API banking is the future of business banking in India and we are at its forefront.
Cashfree has a list of notable investors. George Osborn, former Finance Minister of UK and Vellayan Subbiah, former MD of Cholamandalam Investment also took part in this round.