Cashfree is an Indian payments startup that promotes and can process more than $80 billion for its customers each year. It has now raised nearly about $53 million in a new round of funding and it is gearing up to deepen its presence in some of the international markets.
Krafton is the maker of sleeper hit titles such as PUBG and BGMI. They also leading Cashfree’s Series C through financing the round alongside existing investor Apis Growth Fund.
The funding values the entire 9-year-old startup.
That also has increased nearly $100 million to date, at $700 million. This is an unusual deal. A gaming company investing in a payment startup. The two firms see the strategic value in the partnership and their executives told in an interview.
Akash Sinha, the co-founder, and chief executive of Cashfree, said in an interview
“Krafton is a large organization, very active in the digital content space over the internet and payment companies like us see a sizable market opportunity alongside e-commerce, travel and other financial services,”. “There are synergies around building seamless payment flows for smaller ticket sizes.”
In Cashfree, Krafton also has found a reliable payment partner for both itself as well as its growing portfolio. At present two companies don’t currently process the payment for games like BGMI and discussions are underway along with the partnership which is expected soon.
Sean Hyunil Sohn, CEO of 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,”.
From payment gateway services to automatic payouts cutting-edge technologies like PayToPhone for mobile number-based transfers and RiskShield for fraud prevention, the Bangalore-based business serves clients including Swiggy, Zepto, and Bajaj Finance.
Cashfree has made a name for itself as a one-stop shop. The firm is rapidly growing across the Middle East in addition to its broad domestic operations. It includes more than 180 payment choices and speedy settlement capabilities. The UAE, Saudi Arabia, Egypt, and three smaller markets. Also including Jordan and Kuwait, are the six main markets it is specifically targeting. These nations are creating their own domestic payment systems that are comparable to India’s UPI and RuPay networks.
Sinha also said
“MENA is large enough,”. “We want to be a leader in this market. We are focusing on six big marketplaces like UAE, Saudi, Egypt and three smaller markets like Jordan and Kuwait.”
