Cashfree raises $53 million led by Korean firm Krafton, Apis Partners
05 Feb 2025, 03:56 PMThe capital will accelerate Cashfree’s payments offering and boost market outreach, the Bengaluru-based payment aggregator said in its statement.
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Cashfree Payments has raised $53 million (Rs 450 crore) in a funding round led by Korean digital entertainment giant Krafton and existing investor Apis Growth Fund II, a private equity fund managed by Apis Partners Group (UK) Limited (Apis Partners).
The capital will accelerate Cashfree’s payments offering and boost market outreach, the Bengaluru-based payment aggregator said in its statement.
Akash Sinha, CEO and co-founder, Cashfree Payments, 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. 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."
The company recently built Secure ID, an identity verification stack with a comprehensive suite of APIs and KYC components, addressing the surge in fraud. Cashfree claims that SecureID has completed more than 1 billion identity and user verifications till date.
Sean Hyunil Sohn, CEO, Krafton India, said "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."
In FY25, Cashfree claims that has seen merchant signups grow 130% as compared to previous years and anticipates robust revenue growth. Cashfree currently processes $80 billion annually and works with 800,000 businesses, from internet startups to public enterprises.
It counts Swiggy, RedBus, Zepto, BigBasket, Bajaj Finance among its large customers.
Cashfree is authorized by the Reserve Bank of India to operate as a payment aggregator for both domestic and cross-border payments (Import & Export). It also has a prepaid instruments (PPI) licence.
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