Cashfree Payments has secured $53 million (Rs. 450 crore) in a funding round led by Korean digital entertainment giant KRAFTON and existing investor Apis Growth Fund II, managed by Apis Partners Group.

The Bengaluru-based fintech firm stated that the funds will enhance its payment capabilities, expand market reach, and foster innovation in collaboration with KRAFTON.

According to TheKredible, Cashfree has raised approximately $95 million over its nine-year journey from investors such as Y Combinator, Smilegate Investments, and the State Bank of India (SBI). This marks its first external funding since June 2021.

Cashfree Payments offers businesses seamless online payment collection, quick payouts, improved conversion rates, identity verification, and fraud detection during KYC and onboarding. It integrates with platforms like Shopify, Wix, WordPress, WooCommerce, and WhatsApp, enabling merchants to start transactions within 24 hours.

Led by Akash Sinha, the company claims it can process up to 12,000 transactions per second during peak demand. It recently introduced Embedded Payments, allowing ERPs, SaaS platforms, and other businesses to integrate payment features effortlessly.

Additionally, Cashfree launched Secure ID, an identity verification solution with advanced APIs and KYC components to combat rising fraud. The company reports that Secure ID has completed over 1 billion verifications to date.

Despite facing a ban on onboarding new merchants for most of FY24, Cashfree's revenue grew by 4.7%, reaching Rs. 642.7 crore in FY24 compared to Rs. 613.8 crore in FY23. However, its net loss remained steady at Rs. 135 crore for the fiscal year ending March 2024. The company competes with major players like Razorpay, PayU, BillDesk, and CCAvenue in the digital payments space.