Fintech firm Cashfree said it has received $35.3 million (approximately ₹260 crore) as part of its Series B fund raise. The investment was led by growth stage financial services investor, Apis Growth Fund II, with participation from existing investor Y Combinator.
The investment will support the company’s ambitious growth plans, including introducing and further rolling out new products, the firm said..
The investment will also assist the company in making selective bolt-on acquisitions to further augment its geographic and product reach, it added.
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Akash Sinha, CEO and co-founder, said, “We still see payments as an evolving industry with its own challenges and we would be investing in next-gen payments as well as banking technology to make payments processing easier and more reliable.”
“With the solid foundation of in-house technologies, tech-driven processes, and in-depth industry knowledge, we are confident of growing our company to be the leader in the payments space in India and internationally.”