Indian payment and banking technology startup Cashfree raised US$5.5 million in a series A round led by Korea’s Smilegate Investment.
The Cashfree team with Y Combinator’s Adora Cheung. / Photo credit: Cashfree
The funding included participation from existing investor Y Combinator, according to a statement by the company. George Osborne, former Finance Minister of UK, and Vellayan Subbiah, former Managing Director of Cholamandalam Investment also took part in the investment.
The payment gateway, which focuses on helping businesses make bulk payments, said it plans to use proceeds from the funding to expand its team and speed up development for new use cases. It claims to be growing 25% month-on-month.
One of its key products is Payouts, an API that automates payments to bank accounts and ewallets.
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