Saturday, Jul 11, 2020 | Last Update : 01:50 PM IST

109th Day Of Lockdown

Maharashtra2384611326259893 Tamil Nadu130261846941829 Delhi109140846943300 Gujarat40155281832023 Uttar Pradesh3370021787845 Karnataka3341811878471 Telangana3222410123339 West Bengal2710917348880 Andhra Pradesh2542213914292 Rajasthan2317417620497 Haryana1993414904290 Madhya Pradesh1665712481638 Assam15537984935 Bihar1433010251111 Odisha11956797273 Jammu and Kashmir92615567149 Punjab71404945183 Kerala6535370828 Chhatisgarh3526283514 Uttarakhand3305267246 Jharkhand3192217022 Goa203912078 Tripura177313241 Manipur14357930 Puducherry120061916 Himachal Pradesh110182510 Nagaland6733030 Chandigarh5234037 Arunachal Pradesh2871092 Mizoram2031430 Sikkim134710 Meghalaya113451
  Business   Companies  28 Oct 2017  Cashfree raises $120,000 to automate bank transfers

Cashfree raises $120,000 to automate bank transfers

ANI
Published : Oct 28, 2017, 3:44 pm IST
Updated : Oct 28, 2017, 3:44 pm IST

Company in talks with investors to raise a larger round to scale its merchant acquisition and engineering teams.

New Rs 500 notes were issued after old Rs 500 and Rs 1,000 notes were scrapped. (Photo: Representational/PTI)
 New Rs 500 notes were issued after old Rs 500 and Rs 1,000 notes were scrapped. (Photo: Representational/PTI)

New Delhi: Payments platform Cashfree on Saturday announced receiving USD 120,000 in seed funding from Silicon Valley-based startup accelerator Y Combinator, in a move to automate bank transfers.

Addiitonally, the company is talking to investors to raise a larger round to scale its merchant acquisition and engineering teams.

Started in September 2015 by Akash Sinha and Reeju Datta, the startup was bootstrapped for two years, prior to being funded by Y Combinator.

It however, claims to be India's first payment gateway that automates inbound and outbound bank transfers. This replaces the slow, error-prone alternative of uploading Excel files for bulk payments or manually reconciling payments received via bank transfers.

Cashfree allows marketplaces and fintech platforms to easily setup custom payment flows while ensuring full regulatory compliance. The product is being used for automated payouts for crowd funding, marketplace vendor settlements, pay roll for on-demand economy workers, loan disbursal and repayment for lenders, modern ERP and accounting tools for invoice payments, and instant refunds via payment gateway, versus five to seven days presently.

"The products we have built are first of their kind and are helping businesses scale and innovate faster. We already are a profitable business and are looking to process 200 crores of monthly payments by the end of the year," said Akash Sinha.

"Payments innovation will play a major role in shaping the Indian economy. Cashfree has identified payment problems which existing payment companies haven't been solving," added CEO and partner Y Combinator, Michael Seibel.

Tags: cashfree, payments platform, digital wallet, digital payments, y combinator
Location: India, Delhi, New Delhi