Cashfree Payments, a leading fintech company based in Bengaluru, has successfully raised $53 million in a funding round led by South Korean gaming giant KRAFTON. The round also saw participation from Apis Growth Fund II, a private equity fund managed by Apis Partners Group in the UK. With this fresh injection of capital, Cashfree Payments aims to accelerate its payment offerings, expand its market reach, and explore new opportunities across various digital sectors.

Funding to Drive Expansion and Innovation

The latest investment will bolster Cashfree Payments' efforts in cross-border payments and security innovations, while also supporting the company's international expansion, particularly in the UAE and the broader Middle East market. As one of India's top digital payments companies, Cashfree processes transactions worth $80 billion annually for over 800,000 merchants, including major brands such as Swiggy, redBus, Zepto, BigBasket, and Bajaj Finance. The company’s growth has been marked by the development of advanced payment solutions, which are now poised for an even greater international footprint.

KRAFTON's Strategic Investment

This funding round is especially significant as it marks KRAFTON's first direct investment in an Indian fintech firm. The company, well-known for its gaming innovations, has been increasingly active in supporting startups within India’s growing digital ecosystem. Through this partnership, KRAFTON aims to help Cashfree Payments enhance its technological capabilities and create solutions that meet the unique demands of the media and entertainment sectors, which continue to evolve in India.

Cashfree’s Continued Growth and Partnerships

Cashfree Payments has been expanding its service offerings and deepening its relationships with major enterprises, particularly in India. The company holds three essential licenses, including an online payment aggregator license, a payment aggregator license for cross-border payments, and a prepaid payments instrument (PPI) authorization. These licenses will enable Cashfree to tap into a broader customer base and provide secure, seamless transaction services for businesses in diverse sectors.

The Role of KRAFTON in the Indian Startup Ecosystem

KRAFTON’s investment strategy in India has evolved, with its focus extending beyond gaming to content creation and tech innovation. The company's portfolio includes investments in companies like Sugar Cosmetics, founded by Vineeta Singh and Kaushik Mukherjee. Through its strategic investments, KRAFTON has been aiming to foster a dynamic startup ecosystem, and its partnership with Cashfree Payments represents a significant step towards enhancing India's digital infrastructure, particularly in the payments space.

Comments from Key Figures

Akash Sinha, CEO and co-founder of Cashfree Payments, expressed enthusiasm about the partnership, highlighting how the investment would help the company drive innovations and support its international growth trajectory. “This investment will help us accelerate our key efforts—across cross-border and security innovations and international expansion—as we enter the next phase of our growth journey,” said Sinha. Meanwhile, Sean Hyunil Sohn, CEO of KRAFTON India, emphasized the importance of full-stack payment systems in the evolving media and entertainment landscape, noting that the sector's unique needs require solutions that enhance user experiences.

The $53 million funding round represents a significant milestone for Cashfree Payments, positioning the fintech company for continued growth and global expansion. With KRAFTON’s backing, the company is poised to further innovate its payment systems and meet the demands of the rapidly changing digital payments landscape. As Cashfree strengthens its presence in key international markets and refines its security infrastructure, this partnership promises to bring exciting developments to India’s evolving fintech ecosystem and beyond.