Cashfree, Bengaluru-based fintech startup, has raised $35.3 million as a part of its Series B investment. The funding round was led by the global financial services investor, Apis Growth Fund II.

Existing investors – Y Combinator and Smilegate also participated in the funding round.

As per the startup, it plans to use the funding amount to scale its payment offerings, develop new product verticals, and strategic investments. The raised amount will also help the company in making selective bolt-on acquisitions to further augment its geographic and product reach.

Founded by Reeju Datta and Akash S in 2015, Cashfree is a payments and banking technology company that enables businesses in India to collect payments online and make payouts.

Cashfree enables more than 50,000 businesses with payment collections, vendor payouts, wage payouts, instant loan disbursements, e-commerce refunds, insurance claims processing, expense reimbursements, loyalty, and rewards payments.

Talking about the investment, Akash Sinha, CEO and Co-founder of Cashfree, in the press statement shared by the company said,

“This investment is an endorsement of Cashfree’s platform as well as our vision to empower customers and businesses with the latest payments tools. Over the years, we have built a strong presence among enterprises by innovating for experience, scale and security.”

Claiming to be profitable since its first year of operations, Cashfree counts more than 50,000 businesses amongst its merchants including leading internet companies such as Cred, Acko, Zoomcar, BigBasket, Zomato, HDFC Ergo, Ixigo, and Delhivery among others.

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