Bengaluru-based Cashfree, a digital payments and banking technology company, has raised an undisclosed amount from State Bank of India (SBI).

Cashfree provides a full-stack payments solutions platform, enabling over 1 lakh businesses in India and across the globe to accept and disburse payments online through a single integration.

Currently ranked among the leading payment service providers in India, Cashfree processes transactions worth $20 billion annually. Apart from India, Cashfree’s products are used in 8 other countries, including the US, Canada, and the UAE.

Cashfree secures $35.3 million as part of Series B raise

Akash Sinha, Co-Founder and CEO, Cashfree, said: “The investment from India’s largest bank shows its trust in Cashfree’s innovation and the way we are rapidly scaling up the payments business. This also underscores Cashfree’s role towards building a payments ecosystem that enables the fastest and easiest way to collect payments and make payouts for growing businesses. As we work towards digitising the economy, we remain committed to bringing uniformity, transparency and a reduced turnaround time to digital transactions among Indian businesses. The investment fits perfectly with our growth strategy as we continue to focus on customer experience and product innovation”.

Incubated by PayPal, Cashfree is backed by Apis Partners, Smilegate and Y Combinator. Cashfree is used by Zomato, CRED, Nykaa, Delhivery, Acko, and Shell, among others, for various business payment needs such as e-commerce payment collection, vendor payments, and marketplace settlements.