State Bank Of India Invests Undisclosed Amount In Digital Payments Startup Cashfree

SBI has invested an undisclosed amount in digital payments and banking technology Bengaluru-based startup Cashfree.

Country's biggest lender State Bank of India (SBI) has invested in digital payments and banking technology Bengaluru-based startup Cashfree. However neither SBI nor Cashfree have disclosed the amount.  The investment has come close on the heels of the startup raising $35 million in November 2020 in Series B funding from Apis Growth Fund II and Y Combinator. “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,” said co-founder & CEO of Cashfree, Akash Sinha. Cashfree provides a full-stack payments solutions platform enabling over one lakh growing businesses in India and across the globe to accept and disburse payment online through a single integration. It has customers such as Nykaa, Zomato, BigBasket and Delhivery on board, providing solutions such as ecommerce payment collection, vendor payments and marketplace settlements.