Krafton is leading Cashfree’s $ 53 million funding with $ 700 million ncvrs.com

Cashfree, an Indian payments that offers and processes more than $ 80 billion a year, has raised $ 53 million in a new financing round because it is prepared to deepen the presence of certain international markets.

Krafton, Sleeper Maker, such as PUBG and BGMI, led the Cashfree C series to the existing investor API -K growth fund, the two said Wednesday. Funding appreciates the eight -year start at $ 700 million, according to a source of conditions.

This is an unusual business -a gambling company that invests in a payment start -but the two companies see strategic value in the partnership. In Cashfree, Krafton has found a reliable payment partner in itself and its growing start -up portfolio in the country, many of whom are discovering a change in the future offer of Bengaluru.

Sean Hyunil Sohn, leader of Krafton’s Indian business, said the game giant will host the Indian developing media and entertainment sector, where robust payment systems are crucial to improve the user experience.

Bangalore -based start -ups, which serves more than 800,000 businesses, including outstanding names such as Swiggy, Zepto and Bajaj Finance, and commercial subscribers have increased by 130% in the current financial year. Departure focuses particularly on expansion in the United Arab Emirates and other near -east markets.

Cashfree’s founders accidentally stumbled into the payment business. In 2015, Akash Sinha and Reeju Datta started their basic service: they helped Bangalore restaurant workers to raise cash from customers. None of them worked on payments. But when their restaurant customers asked for online payment options, they had a greater opportunity.

Early investors were not convinced. Many have doubted that pay -processing starting can scaling quite quickly. The adoption of the Y Combinator changed this course, despite the fact that the founders failed to apply and could not get to the item in time. Eight years later, Cashfree will work $ 80 billion for 800,000 businesses.

Cashfree Technology Stack allows businesses to process up to 12,000 transactions during peak demand. The launch has also developed Secureid, an identity control system that has carried out more than billions of controls so far, helping businesses to fight fraud while reducing customer resignation on board.

Cashfree is one of the first companies that have been licensed from the Indian central bank to act as a payment aggregator for both domestic and international transactions. The start -up company, which is incubated by PayPal, calculates the number of Y Combinator and the Indian State Bank among its former sponsors.

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