SBI invests in digital payments firm Cashfree

Reeju Datta and Akash Sinha, co-founders of Cashfree (Image source: Cashfree)

Public sector bank State Bank of India (SBI) has invested an unspecified amount in digital payments company Cashfree.

"We are excited about our partnership with the country's trusted and leading lender SBI. 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 Akash Sinha, Co-Founder & CEO, Cashfree.

Cashfree processes transactions worth $20 billion annually, according to a statement by the company. Cashfree's products are used in India and eight other countries such as the US, UAE, and Canada.

Cashfree was incubated by PayPal, and is backed by Apis Partners, Smilegate and Y Combinator.

Cashfree is used by businesses such as Zomato, CRED, Nykaa, Delhivery, Acko, Shell for business payment needs like ecommerce payment collection, vendor payments, marketplace settlements, etc.

Cashfree has a market share of over 50 percent among payment processors. Cashfree enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards.