Bengaluru-based fintech firm Cashfree Payments has successfully raised $53 million in a funding round led by KRAFTON, the South Korean digital entertainment giant. The round also saw participation from existing investor Apis Growth Fund II, managed by Apis Partners.
Strategic Expansion and Growth Plans
Cashfree Payments plans to use the newly secured capital to enhance its payment solutions, invest in innovative financial infrastructure, and expand its direct-to-consumer (D2C) brand initiatives. This investment marks a significant milestone in the company’s growth trajectory as it aims to solidify its position in India's rapidly evolving fintech sector.
Akash Sinha, CEO and Co-founder of Cashfree Payments, highlighted that the funding will support the company’s efforts in security innovations, cross-border transactions, and global expansion. He emphasized that this will drive the next phase of growth for Cashfree as it scales its operations and explores new markets.
Cashfree’s Market Presence and Capabilities
Cashfree Payments, a leading player in India’s payments ecosystem, processes transactions worth $80 billion annually and serves over 800,000 merchants. Some of its key clients include Swiggy, redBus, Zepto, BigBasket, and Bajaj Finance. The company has secured multiple licenses, including an online payment aggregator license, a cross-border payment aggregator license, and a prepaid payments instrument (PPI) authorization.
KRAFTON’s Growing Interest in Fintech
KRAFTON’s investment in Cashfree Payments underscores the increasing convergence between fintech and digital entertainment. Sean Hyunil Sohn, CEO of KRAFTON India, noted that seamless and full-stack payment solutions are essential for enhancing user experiences in digital ecosystems, particularly in gaming and entertainment.
This move aligns with KRAFTON’s broader strategy of expanding its footprint in India’s technology and startup ecosystem. The company, best known for developing PUBG: Battlegrounds and BGMI (Battlegrounds Mobile India), has been actively investing in Indian startups across sectors.
Our Opinion on the News
This funding round signals a strong vote of confidence in India’s fintech sector, particularly in the growing demand for efficient and innovative payment solutions. For Cashfree Payments, this investment not only boosts financial strength but also opens doors for collaborations with global tech giants like KRAFTON. With enhanced resources and a strategic partnership, Cashfree is well-positioned to drive innovation in cross-border payments, security infrastructure, and D2C solutions.
Meanwhile, KRAFTON’s increasing focus on fintech investments highlights the importance of integrated financial services in the broader digital economy. As India’s digital payments landscape continues to evolve, Cashfree’s growth trajectory will be one to watch closely.