Bengaluru-based fintech startup Cashfree has raised $35.3 million as part of its Series B funding round. The investment was led by growth stage financial services investor, Apis Growth Fund II, with participation from existing investor Y Combinator.
The company will use the fresh capital to further scale Cashfree’s payments offering, develop new product verticals and make strategic investments.
The investment comes at a time when Cashfree’s rapid growth has accelerated with rising e-commerce penetration by increasing adoption of Indian businesses and consumers. “This investment is an endorsement of Cashfree’s platform as well as our vision to empower customers and businesses with the latest payments tools,” said Akash Sinha, CEO and co-founder of Cashfree.