Cashfree Payments, an India-based FinTech company, has secured $53m in a funding round led by Korean digital entertainment giant KRAFTON, with participation from existing investor Apis Growth Fund II, a private equity fund managed by Apis Partners.
The investment aims to accelerate Cashfree’s product innovation and international market expansion.
The company provides a digital payment infrastructure that allows businesses to collect payments, process payouts, verify identities, and detect fraud during KYC and onboarding. Its technology integrates with major merchant platforms such as Shopify, Wix, WordPress, WooCommerce, and WhatsApp, enabling businesses to start transactions within a day. With features like one-click checkout, abandoned cart recovery, and return prediction, Cashfree enhances the payment experience and boosts conversions. The company’s system can process up to 12,000 transactions per second during peak demand.
The fresh capital will be used to expand Cashfree’s market outreach.
Among its recent innovations, Cashfree has introduced Secure ID, an advanced identity verification system with APIs and KYC components designed to streamline onboarding while reducing fraud and identity theft. The system has processed more than 1bn identity verifications to date.
Cashfree CEO and co-founder Akash Sinha said, “We are excited to welcome KRAFTON as a strategic partner with continued support from our existing investors, Apis Growth Fund II and the team at Apis Partners. Our mission at Cashfree Payments has been to empower Indian businesses with the ability to transact in the digital economy with unparalleled security and efficiency.
“This investment will help us accelerate our key efforts – across cross-border and security innovations and international expansion- as we enter the next phase of our growth journey. Growing sustainably has been core to our identity and how we function at Cashfree Payments. We are focused on driving profitable growth as we scale. Our mission is clear: to create long-term value for our customers and lead innovation in the payments space, both in India and internationally.”
KRAFTON India CEO Sean Hyunil Sohn commented, “India’s fintech industry is experiencing remarkable growth, and we believe Cashfree Payment’s dominant position in India can be replicated globally. As the media and entertainment sector and content consumption patterns in India continue to evolve, full-stack payment systems that specifically address the needs and requirements of the sector are crucial for enhancing user experience. The investment is part of KRAFTON’s ongoing efforts to support innovative solutions that drive growth and foster a dynamic startup ecosystem. We look forward to further strengthening this partnership and exploring future opportunities.”
Cashfree has seen merchant signups grow by 130% compared to previous years and expects strong revenue growth through increased wallet share and cross-selling opportunities. The company processes $80bn in transactions annually and serves 800,000 businesses, ranging from startups to large enterprises.
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