Indina Payments company Cashfree, which processes US$80 billion in transactions annually, has raised US$53 million in funding.
A portion of the investment will support its expansion in the UAE and the Middle East region experiencing significant growth in digital payments.
The funding round was led by KRAFTON, , the South Korean digital entertainment company behind PUBG, and existing investor Apis Growth Fund II, managed by Apis Partners Group (UK) Limited.
Cashfree has been operating in the Middle East through its partnership with UAE-based payments firm Telr, in which it made a strategic investment three years ago.
The company stated that the new funding will enhance its market outreach in the region.
“As we enter the next phase of our growth journey, we are particularly focused on expanding in the Middle East, leveraging our partnership with Telr,”
said Akash Sinha, CEO and co-founder of Cashfree Payments.
Cashfree aims to apply insights from India’s fintech sector to developing markets with similar digital payment growth trends.
The company views the Middle East as a key area for expansion, citing strong adoption of digital payments in e-commerce, travel, and remittances.
“Our mission at Cashfree has been to empower businesses with the ability to transact in the digital economy with security and efficiency. This investment will help us accelerate our efforts across cross-border payments, security innovations, and international expansion,”
Sinha added.
In FY25, Cashfree reported a 130% increase in merchant sign-ups compared to the previous year.
It anticipates strong revenue growth, driven by a larger share of transactions from existing customers and continued cross-selling.
The company currently serves 800,000 businesses, ranging from startups to large enterprises.
Cashfree is authorised by the Reserve Bank of India to operate as a payment aggregator for domestic and cross-border transactions, as well as to issue prepaid instruments.
It provides businesses with online payment collection and payout services, offering integrations with platforms such as Shopify, Wix, WordPress, WooCommerce, and WhatsApp.
Features include one-click checkout, abandoned cart recovery, and embedded payments for SaaS platforms.
In India, Cashfree’s clients include Swiggy, redBus, Zepto, BigBasket, and Bajaj Finance.
In November 2021, Cashfree picked up a majority stake in UAE and Saudi Arabia-based payment service provider (PSP) Telr for US$15 million.
Featured image credit: Cashfree Payments
