Latest news with #Cashfree
Mint
26-05-2025
- Business
- Mint
Cashfree Payments eyes profitability as it focuses on $250-300 million monthly in cross-border payments
Fintech startup Cashfree Payments aims to hit $250-$300 million in monthly cross-border transactions by the end of the year, according to one of the co-founders. "We're trying to create the market, given that the payment aggregator-cross border (PA-CB) guidelines are so new. We are signing up customers but they're also adapting to the new regime," Cashfree co-founder and chief executive officer Akash Sinha told Mint in an interview. The Reserve Bank of India issued the PA-CB guidelines in October to facilitate payments for the import and export of goods and services. The RBI gave Cashfree a PA-CB licence in July 2024. Cashfree's focus this year is on building its cross-border payments vertical for which it will use the $53 million raised from South Korean gaming giant Krafton and Apis Partners in February. Cashfree said it's currently in the pilot stage with a few merchants while some of its larger clients have already integrated cross-border payments into their ecosystems and are waiting to go live. The company is targeting businesses that expect 5% to 10% of their revenue from the Indian market. Also Read | Cashfree to expand cross-border payments after $53 mn funding Only three other companies have a PA-CB license: Amazon Pay, BillDesk, and Adyen India. Skydo Technologies received in-principle authorisation to operate as a PA-CB licence holder. Globally, the cross-border payments market, in both wholesale and retail, had a total addressable market of $194.6 trillion in 2024, according to FXC Intelligence, a data intelligence firm. The market is expected to grow to $320 trillion by 2032. Building a market While Cashfree hasn't identified any segments that could turn out to be growth drivers for cross-border payments, the company views retail, the services market, travel and education as those with a lot of traction. 'Basically, larger B2C businesses. Industries like travel are big for Indian consumers, who are using international travel apps and websites. Education is a big one, people are buying courses," Sinha said. But the regulatory landscape is vast. Narrow it down to specific sectors and there are other requirements to be mindful of such as deduction of tax collected at source on remittances towards education expenses. 'Companies processing cross-border payments will also need to ensure their cross-border payment leg aligns with RBI's payment aggregator-cross-border norms, which could trigger additional licensing requirements," said Probir Roy Chowdhury, a partner at JSA Advocates & Solicitors. Cashfree intends to leverage the strength of the India-US corridor. But entry into the country will be tough with several companies in that market including Stripe, Wise, Rapyd, WorldRemit and Remitly. That's not even taking into account a giant like PayPal. 'The US already has a bunch of buy-now-pay-later options. They have a bunch of EMI-related options. We need to make our offerings attractive to US customers because we're not just competing with Indian brands, we're also competing with a bunch of brands in that geography," the Cashfree founder said. Also Read | For Razorpay, Cashfree and others, RBI presents a new headache The company is currently working on helping Indian brands that have tied up with Cashfree to earn trust with US customers by providing them an 'at par" experience. 'We're working on finding partnerships with the right payments providers in the US, bringing more payment partners on to the platform which are US-based and help Indian brands who can use them as partners," said Sinha. 'The integrations are not very straightforward, so that's what we're working on and making sure Indian brands are competitive on a global scale." Trust factor While fintechs might be innovating to provide seamless experiences to merchants, buyers and exporters, trust continues to be in a deficit. Bringing different stakeholders on board means simplifying processes while also providing clarity on different parts of the value chain. In a bid to make Cashfree more competitive abroad, Sinha said the company is trying to bring parity with what US brands provide their customers. However, the real challenge, according to the company, is building trust in a system that is new. 'Trust, I think, is the biggest blocker. Customers could feel like they've made a payment but what if a merchant doesn't deliver, what happens to their payment?" asked Sinha. It's something Cashfree has been seeing since it started cross-border payments. Also Read | Is EPF advisory the next fintech goldmine? 'Indian fintechs will need to actively liaise and form partnerships with foreign payment aggregators to offer seamless local processing capabilities. Providing more customised solutions and integrations with offshore processors will help them scale in the long-term," according to Prashant Ramdas, a partner at corporate law firm Khaitan & Co. Profitability The company is on track to becoming profitable in August-September in FY26, according to Sinha. 'We're 100% going to be profitable this year. We're very close and we don't have to wait for months. We'll be there somewhere in Q2 of this fiscal." Mint previously reported that the company was targeting profitability in Q1 of FY25. However, the company said it delayed that target as it made several investments and spent more on research and development. The company said its revenue numbers will showcase double-digit growth in FY25. 'Growth won't happen if we don't invest in areas which will pay us revenue in two to three years. It's why we chose to continue to invest in the business in FY25 itself," Sinha said.
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Business Standard
15-05-2025
- Business
- Business Standard
Fintechs push AI, new protocol to simplify backend tools for merchants
Cashfree and Razorpay use AI agents and a new protocol to simplify backend systems and automate payments, easing merchant operations across fintech platforms Premium Mumbai Listen to This Article Business-to-Business (B2B) fintech companies like Cashfree Payments and Razorpay are making it easier for businesses (merchants) to manage complicated backend systems. They are doing this with the help of artificial intelligence (AI)-powered agents and a tool called 'Model Context Protocol' (MCP). The MCP is like a 'universal connector' — in other words like a USB-C port — that allows different software systems to work together easily. This enables AI agents and assistants to interface directly with core application programming interfaces (APIs), streamlining integration for merchants of all sizes. Without it, businesses would require manual and complex integration of
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Business Standard
05-05-2025
- Business
- Business Standard
Cashfree Payments rolls out AI-first module across core products
Fintech firm Cashfree Payments has rolled out a beta version of a software module that integrates large language models (LLMs) and the company's own application programming interfaces (APIs) to improve efficiency for merchants. The latest piece of technology, also known as a model context protocol (MCP), automates several processes across use cases such as payments, payouts, and verification. At present, Cashfree Payments and Razorpay have launched the offering for their merchant base. The MCP server is capable of processing natural language queries while utilising the Bengaluru-based company's proprietary APIs to trigger actions such as generating payment links or verifying Know-Your-Customer (KYC) credentials. It is targeted at merchants of all sizes. For instance, integrating an MCP server into a merchant's system can automate the generation of payment links—a process that typically takes around 15 minutes per order—reducing it to just a few seconds. 'From a merchant's point of view, you just have to install a single MCP server and your entire job is done. Merchants can go live within 10 minutes with the offering. We have not commercialised the MCP server yet,' said Nitin Pulyani, SVP, Product, Cashfree Payments, in an interaction with Business Standard. Pulyani explained that the company has adopted the service across its core products such as payment collections and KYC, and has a proof of concept in place for the payouts feature. To make this server possible, Pulyani noted that the company had tested multiple models at a time when they were evolving rapidly. 'There's evolution happening across the ecosystem. Based on that, our usage, trial, and experience with each of these models is also evolving. We worked with Claude, Anthropic, Gemini, and to some extent with Grok too to write the code,' he said. He added that most of the models currently available are mature enough to operate at the scale required by a company like Cashfree. 'Capacity will not be a constraint. With the pace of evolution and faster adoption, usage will grow significantly. The efficiency of businesses will go up eventually,' he said. The integration of an MCP with Cashfree's APIs and a merchant's dashboard enables the module to identify the context of an operation and perform an action based on this contextual understanding.
Zawya
21-02-2025
- Business
- Zawya
Cashfree Payments raises $53mln; part of funding to accelerate expansion in UAE and Middle East region
Cashfree annually processes USD 80 billion payments to businesses, including in MENA Dubai: Payments company Cashfree Payments, which processes USD 80 billion in payments annually today said it has raised USD 53 Million in funding, a part of which will help accelerate its expansion and market presence in the UAE and the Middle East region, a rapidly growing hub for digital payments and financial innovation. The funding round was led by Korean digital entertainment giant, KRAFTON and existing investor Apis Growth Fund II, a private equity fund managed by Apis Partners Group (UK) Limited ('Apis Partners'). In a statement, Cashfree's strategic partner with Telr has been processing payments in the Middle East, serving multiple businesses in the region. It said the funding will help the company boost its market outreach. Cashfree is present in UAE and plans to expand in the Middle East region. Akash Sinha, CEO & Co-founder, Cashfree Payments, said, 'As we enter the next phase of our growth journey, we are particularly focused on expanding in the Middle East, leveraging our partnership with Telr, a UAE-based payments firm, where we made a strategic investment three years ago. We are also excited to welcome KRAFTON as a strategic partner with continued support from our existing investors, Apis Growth Fund II and the team at Apis Partners. ' With deep insights from India's fintech success, Cashfree aims to apply these learnings to developing markets that are experiencing similar rapid growth in digital payments. The Middle Eastern region is witnessing strong adoption of digital payments across key sectors such as e-commerce, travel, remittances, and digital-first businesses, making them strategic growth areas for Cashfree. The company sees international markets as a strong growth catalyst. While India remains the core market, expansion across MENA is expected to be a significant booster for Cashfree's global footprint. 'Our mission at Cashfree has been to empower businesses with the ability to transact in the digital economy with unparalleled security and efficiency. This investment will help us accelerate our key efforts - across cross-border, security innovations and international expansion. Growing sustainably has been core to our identity and how we function at Cashfree. We are focused on driving profitable growth as we scale. Our mission is clear: to create long-term value for our customers and lead innovation in the payments space, both in India and internationally., said Sinha. In FY25, Cashfree has seen merchant signups grow 130% as compared to previous years and anticipates robust revenue growth, driven by increased wallet share from existing customers and continued success in cross-selling to its broad client base. Cashfree currently works with 800,000 businesses, from internet startups to public enterprises. Cashfree is authorised by the Reserve Bank of India to operate as a payment aggregator for both domestic and cross-border payments (Import & Export), and was one of the first entities to be authorised. It is also authorised to issue Prepaid Instruments Cashfree helps businesses collect payments online and make payouts. With an easy onboarding and integration process, and compatibility with popular merchant platforms like Shopify, Wix, Wordpress, WooCommerce, WhatsApp, Cashfree enables businesses to start transactions within a day. It offers features like one-click checkout, abandoned cart recovery, and return prediction, helping businesses improve the payment experience, boost conversions and grow profitably. It has also introduced Embedded Payments, allowing platforms, ERPs, and SaaS businesses to integrate payments as a feature into their product with ease and in a compliant manner In India, Cashfree is trusted by leading brands like Swiggy, redBus, Zepto, BigBasket, Bajaj Finance and more. About Cashfree Payments: Founded in 2015, Cashfree Payments is a leader in payments in India. Businesses use Cashfree Payments to collect payments from 100+ payment methods, make payouts, make cross-border payments, improve conversions with a one-click checkout, recover abandoned carts, and predict and reduce returns. With an easy onboarding and integration process, and compatibility with popular merchant platforms like Shopify, Wix, Wordpress, WooCommerce, WhatsApp, Cashfree Payments enables businesses to start transactions within a day. Cashfree Payments directly connects with all payment networks and owns its payment processing technology end-to-end, ensuring higher success rates and reliability. Built for scale, it enables businesses to process an industry-leading 12,000 transactions per second, handling peak demand effortlessly. Alongside payments, Cashfree Payments offers SecureID, an identity verification stack with a comprehensive suite of APIs and KYC components. SecureID enables fintechs and startups to streamline compliant onboarding and KYC flows by minimising user inputs, thus reducing drop-offs, intelligently verifying identity documents, and detecting fraud and anomalies with high accuracy. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal. About KRAFTON, Inc. Headquartered in South Korea, KRAFTON, Inc. is dedicated to discovering and publishing captivating games that offer fun and unique experiences. Established in 2007, KRAFTON is home to globally renowned developers that include PUBG STUDIOS, Striking Distance Studios, Unknown Worlds, VECTOR NORTH, Neon Giant, KRAFTON Montréal Studio, Bluehole Studio, RisingWings, 5minlab, Dreamotion, ReLU Games, Flyway Games, Tango Gameworks and inZOI Studio. Each studio strives to continuously take on new challenges and leverage innovative technologies. Their goal is to win over more fans by broadening KRAFTON's platforms and services. With a passionate and driven team across the globe, KRAFTON is a tech-forward company that possesses world-class capabilities and is set on expanding its business horizons to encompass multimedia entertainment and deep learning. For more information, visit
Yahoo
06-02-2025
- Business
- Yahoo
India's Cashfree Payments secures $53m in funding
Indian fintech firm Cashfree Payments has garnered $53m in a financing round led by Korean company KRAFTON. Current investor Apis Growth Fund II, managed by Apis Partners Group, also contributed to the round. Using this infusion, Cashfree looks to ramp up its payment offerings and expand its market outreach. The company is known for enabling businesses to collect payments and make payouts online, supporting integration with Shopify, Wix, WordPress, and WooCommerce. Its offerings include one-click checkout, abandoned cart recovery, and return prediction features that aim to improve the payment experience. The introduction of Embedded Payments by Cashfree allows platforms, ERPs, and SaaS businesses to integrate payment capabilities directly into their products. Additionally, Cashfree's Secure ID, an identity verification stack complete with APIs and KYC components, is designed to combat fraud. It has concluded over one billion verifications so far. Cashfree Payments CEO and co – founder Akash Sinha said: 'We are excited to welcome KRAFTON as a strategic partner with continued support from our existing investors, Apis Growth Fund II and the team at Apis Partners. '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.' KRAFTON India CEO Sean Hyunil Sohn stated: 'India's fintech industry is experiencing remarkable growth, and we believe Cashfree Payment's dominant position in India can be replicated globally. 'The investment is part of KRAFTON's ongoing efforts to support innovative solutions that drive growth and foster a dynamic startup ecosystem.' Apis Partners co-founders and managing partners Matteo Stefanel and Udayan Goyal commented: 'As an industry leader with a history of pioneering innovations, Cashfree Payments' proven track record continues to put it in a leadership position. We are excited to extend our support for its continued growth and success.' In FY 2025, the company said that it has recorded a 130% increase in merchant signups and anticipates revenue growth, processing $80bn annually and works with 800,000 businesses. Last year, it was authorised as payment aggregator (PA -CB) by the Reserve Bank of India to handle both domestic and cross-border payments. Cashfree also intends to extend its reach into the UAE. "India's Cashfree Payments secures $53m in funding " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
