Cashfree, a Bengaluru-based fintech which helps Indian companies make and acquire funds, has landed an INR 2.6 billion ($35 million) Sequence B.

Led by Apis Progress Fund II, a non-public fairness fund managed by Apis Companions, the spherical sees Apis snap up an undisclosed minority stake in Cashfree.

Cashfree co-founders Reeju Datta and Akash Sinha

Present investor Y Combinator additionally participated within the spherical. The fintech is 2017 alumnus of the San Francisco-based accelerator.

Cashfree processes bank card, debit card, on-line banking, UPI – India’s nationwide funds scheme – and standard Indian pockets funds.

It claims profitability since its first yr of operations. And as of March 2020, Cashfree says it has processed greater than $12 billion in annualised fee quantity.

“As digital funds proliferate globally, the Indian market continues to signify one of the vital thrilling alternatives that we see on the planet,” says Apis co-founder Udayan Goyal.

Cashfree’s five-year development

Based in 2015 by Akash Sinha and Reeju Datta, Cashfree claims to have greater than 50,000 companies as prospects. These embody acquainted Indian tech firms equivalent to Cred, BigBasket, Zomato, Zoomcar, and Delhivery.

Sinha says Cashfree’s platform relies on in-house expertise.

The fintech believes considered one of its key development drivers has been its bulk disbursal answer ‘Payouts’. The mixing permits retailers to ship cash to financial institution accounts, playing cards, UPI-linked accounts and wallets.

The service launched in 2016, with the start-up claiming it grew to 100,000 each day transactions “throughout the yr”.

Companies use Payouts for funds to distributors, staff, prospects who’ve requested refunds or are owed insurance coverage payouts, debtors, and cashback customers.

In the meantime, Cashfree’s Cost Gateway claims to help funds from greater than 100 completely different fee channels.

By means of this gateway, the start-up – as of 2020 – affords immediate settlement primarily based on UPI infrastructure. This permits companies to entry funds inside quarter-hour of fee seize, versus the two-to-three enterprise day wait time it says corporations often need to face.

Since its launch, the fintech has additionally unveiled a bunch of different options. These embody a cut up fee answer, immediate refunds, fee pre-authorisation, recurring funds, and checking account verification.

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