Cashfree is a Bangalore-based payments startup founded in 2015 that provides payment-processing and identity-verification services to businesses. Its platform processes more than $80 billion annually for over 800,000 businesses and can handle up to 12,000 transactions per second during peak demand. The company has developed SecureID, an identity verification system that has performed over a billion verifications to date to combat fraud and reduce onboarding drop-offs. Cashfree was incubated by PayPal and counts Y Combinator and State Bank of India among its early backers. It is one of the first companies authorized by India’s central bank to operate as a payment aggregator for both domestic and international transactions. The startup is focused on international expansion, particularly into the UAE and other Middle Eastern markets, and has seen merchant sign-ups surge 130% in the current fiscal year. Cashfree is a Bangalore-based payments platform founded in 2015 that offers more than a dozen products to help businesses accept payments, disburse salaries, set up recurring payments and settle marketplace commissions. It serves over 55,000 businesses and counts customers such as Cred, BigBasket, Zomato, HDFC Ergo, Acko and Ixigo. The startup processed over $12 billion in payment volume in the fiscal year ended March and has been profitable for the past three years. Cashfree works with several banks and integrates with platforms including Shopify, PayPal and Amazon Pay. The company plans to deploy part of the new funding to R&D to scale its technology stack and build services to digitize offline payments. It is also working on cross-border payments solutions to explore opportunities in emerging markets and investing in next-gen payments and banking tech. Cashfree provides a single interface to connect corporate banking services for disbursements and business intelligence, having pivoted from a payment gateway. Its platform enables bulk transfers to bank accounts, UPI and wallets and offers analytics for vendor payouts and aggregate reporting. The service is used by more than 12,000 businesses, including Xiaomi, Tencent, Zomato, Cred, Club Factory, ExxonMobil and Dunzo. Cashfree processes $4.5 billion in annual recurring volume and is profitable, having been profitable since graduating Y Combinator about 18 months ago. The company plans to double down on bank‑attached services with a new solution featuring increased integrations that will ship soon. It is also expanding hiring and business development in Delhi and Bombay and says offering full banking services could be possible in the future, pending regulatory clarity and additional fundraising.

Total raised

$94M

Funding rounds

3

Latest round

Series C

Latest activity

Feb 2025