State Bank of India has invested an undisclosed amount in digital payments firm Cashfree.
Cashfree is a payment and banking technology company, based out of Bangalore. As a complete payments platform, it claims to help over 50,000 businesses collect and send money.
It counts Xiaomi, Tencent, Zomato, Zoomcar, Cred, Club Factory, Shell, Google-backed Dunzo as well as donation platforms like Ketto and Milaap amongst its customers.
Cashfree is working with banks such as ICICI Bank, HDFC Bank, Kotak Mahindra Bank and Yes Bank to build the core payments and banking infrastructure. The company is also integrated with major platforms like Shopify, Wix, Paypal, Amazon Pay, Ola Money and Google Pay.
Akash Sinha, co-founder and chief executive officer of Cashfree, said, “We are excited about our partnership with the country’s trusted and leading lender SBI. The investment fits perfectly with our growth strategy as we continue to focus on customer experience and product innovation.”
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