Cashfree, which is a Payment Gateway startup is now planning to expand its team and distribution of its API baking platform with the funding it has secured in the Series A round of funding.
The company revealed today in a report that South Korea based Venture Capital firm Smilegate Investments has led the investment round of $5.5 Million.
The existing investors also participated in the round. These included the Silicon Valley-based accelerator Y combinatory, Vellayan Subbiah.
Cashfree API banking solution, Payouts, let the businesses send money round the clock and also instantly to bank accounts, Unified Payment Interface handles and cards which is integrated with their product.
“Our API banking platform connects any organization’s software product or ERP [Enterprise Resource Planning platform] to the banking system for automated transactions,” said Akash Sinha, co-founder, and chief executive officer of Cashfree.
The company claimed that it has been growing 25% of every month for the last 12 months. “With the new round of funding we will expand our product team and build for new use cases faster,” Sinha added.
Cashfree was founded by the Sinha and Reeju Datta in 2015. It also started as a banking and payments technology company. After a year of operations, the company decided to build a dedicated bulk payouts solution for the businesses operating in India, according to the report.
Cashfree payment gateway support for the instant refunds, a split payment solution for marketplaces, Auto collect, and Account verification API.
Picture Credits: Cashfree