Cashfree Payments becomes ISO 27017 and ISO 27018 certified organization

Cashfree Payments, India’s leading payments and API banking solutions company, today announced that it has secured ISO 27017 and ISO 27018 certifications. ISO/IEC 27017:2015 certification confirms that the company has been found to fulfill the Information Technology Security techniques and code of practice for Information Security for cloud services standard. Further, ISO/IEC 27018:2019 certification signifies that Cashfree Payments fulfills IT security techniques and code of practice for protection of Personally Identifiable Information (PTI) in public cloud standard.

Also, the earlier achieved ISO/IEC 27001:2013 certification implies that the company has implemented all the procedures and processes dictated by the Information Security Management System (ISMS) policy. The three crucial certifications reinforces Cashfree Payments’ compliance with all the requirements for establishing, implementing, maintaining and continually improving an information security management system (ISMS), as well as demonstrates its commitment to cloud security and data privacy.

The operations of Payment aggregators and payment solution providers are subject to stringent Security and Privacy standards especially with respect to data management. For Cashfree Payments, securing the ISO certifications demonstrates its commitment to ensure the highest level of protection for concerned data processed on a secured cloud-based technology.

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We have witnessed rapid growth in the Indian payments industry and our business progress has resonated well with it. As a leading Payments solution provider, we have been heedful to ensure high standard data and security measures are implemented, to protect customer interests. The addition of ISO 27017 and 27018 certifications is a token to the trust bestowed upon us by varied stakeholders. We will continue to be the advocates of the need for existence of an effective regulatory environment. Our unfaltered prudence will be dedicated to ensure that our efficient operations are supplemented by the highest possible security standards to keep customer assets and data secure.”

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payment underscoring the company’s role in building a robust payments ecosystem. Cashfree Payment works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE.

About Cashfree Payments

Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payment’ offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API, and Auto Collect a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 40 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payment enables more than 1,50,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE. Cashfree Payment is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.

SoftPoS to revolutionize digital payments infrastructure in semi-urban and rural India

Cashfree Payments, a leading payments and API banking solutions company, today announced the launch of an industry report titled ‘Supporting digital payments adoption via the promise of softPoS‘ created in partnership with The Digital Fifth, India’s first Fintech consulting and advisory firm. The report highlights the importance of softPoS and the role that it can play in increasing the penetration of digital payments, especially in semi-urban and rural areas across India.

Point-of-Sale (PoS) terminals today are increasingly sophisticated, feature-rich, easy to use, and available at a range of prices. The benefit that the softPoS brings here is that it is a simple app/ SDK (software development kit), creating payments acceptance infrastructure that is low-cost and easy to distribute. Any merchant can commence accepting payments via an app download onto an NFC enabled device, quickly converting it into a PoS terminal without any additional hardware like a card reader or separate installation. The softPoS thus allows the quick and easy acceptance of card, UPI, QR code and payments link-based payments for merchants, even on their existing smartphones and other devices.

For small and medium businesses, factors like cost, time for acquisition and maintenance become a barrier to PoS’s adoption, leading to a preference for cash payments. Secondly, another critical factor is the high dependency on the imported physical PoS terminals. As an alternative, softPoS can work as a game-changer to foster digital payments, owing to increased internet and smartphone penetration in semi-urban and rural areas. Even for larger businesses, the ease of its deployment and its portability makes it a good choice for specific use-cases.

The report dives into the evolution of the PoS terminal, the changing payments landscape with UPI’s entry and the softPoS’s potential to level the playing field for cards in the offline space, the specific advantages the softPoS offers for specific businesses from retailers to restaurants to service providers to the government, and lastly the many steps providing essential regulatory support coming in and the challenges that remain with the softPoS’s adoption.

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We are pleased to launch this insightful report in partnership with The Digital Fifth. We believe that softPoS can be one of the major solutions that will help drive digital payments in India and enhance customer experience. We, at Cashfree Payments, are already working towards offering smart and simple softPoS solutions for a sustainable digital payments ecosystem and intend to provide merchants with an easy, safe and instant payments infrastructure.”

Sameer Singh Jaini, Founder and CEO, The Digital Fifth said, “SoftPoS will embrace merchants, right from the smallest kirana stores to MSMEs, into the digital financial fray. This will boost growth from the grassroots and propel financial inclusion. It will also go on to form the foundation for embedded POS in mobile apps, a feat which was not possible before now. This will drastically enhance the payment process for all entities involved as well as seamlessly integrate the tedious procedure of reconciliation. We must brace ourselves for the incoming innovative use cases that will positively impact the payments ecosystem.”

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments, further underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build their core payments and banking infrastructure that helps power the company’s products, and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree Payments products are being used in eight other countries including the USA, Canada and UAE.

About Cashfree Payments

Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API and Auto Collect a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.

About The Digital Fifth

With the fintech space evolving rapidly, The Digital Fifth has come to light as a pioneer in fintech consulting, catering its solutions to the BFSI segments such as Banks, NBFCs, Fintechs, Wealth Management, and Insurance Firms. The firm is dedicated to building and rendering smart solutions to financial institutions and fintech start-ups.

The Digital Fifth has four key offerings:

Consulting: The Digital Fifth works with organizations across the board, spanning Banks, NBFCs, wealthtechs, regtechs, neobanking, players, and essentially any entity looking to integrate fintech into their business model.

Partnerships: The Digital Fifth is deeply connected with the Indian Startup and BFSI communities, giving them a leading edge and enabling us to connect our clients with the businesses best suited to their requirements

Training: The company provides subject matter expertise for the seamless implementation of strategies through fintech training programs aimed at professionals in the BFSI sector.

Recruitment: On behalf of our clients, we source candidates who possess great caliber and thorough fintech industry insights.

Cashfree Payments tokenization solution ‘Token Vault’ to go live on December 27

Leading payments and API banking solutions company, Cashfree Payments today announced that its tokenization solution, ‘Token Vault’ will go live on December 27, 2021. The company has partnered with Visa and Mastercard to deploy tokenization services for its customers.

The offering will empower merchants to save card network tokens easily to comply with Reserve Bank of India (RBI) guidelines on Tokenization. It highlights that neither the approved Payment Aggregators nor the merchants shall store client card credentials on their servers. Only RBI-authorized card issuing banks or related networks can save customers’ card information. The deadline for card tokenization is December 31, 2021.

‘Token Vault’ will eliminate a merchant’s need to onboard multiple payment partners by enabling them to save tokenized cards and process payments using tokenized cards, acting as a single solution. Merchants will now be able to leverage increased security, cost saving, digitalised experience and simplified data storage.

As per the guidelines, any merchant offering the ‘Save Card’ option to their customers should provide a token as opposed to saving the actual card number. ‘Token Vault’ by Cashfree Payments will assist merchants in migrating to the latest tokenization norms in an effortless manner. This will ensure trust among the customers and will benefit them on multiple fronts including a better digital experience and improved token security.

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We are excited to take Token Vault live from December 27. With this offering, customers will be empowered with a secure and compliance-friendly payments inflow system. This is a further step towards enhancing security of card transactions. The end customer will feel more confident about their data security and further cement their trust in digital shopping experience. We are happy to launch this at the time of the winter festive shopping season and businesses will witness a spike in card transactions. Cashfree Payments’ tokenization solution will make things simpler, safe and seamless.”

Cashfree Payments is one of the certified and compliant payment tokenization service providers which works across key networks like Visa and Mastercard.

With over 50% market share among payment processors, Cashfree Payments today leads the way in online payments, vendor payments, e-mandate and bulk disbursals in India with Cashfree Payments Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payment gateways and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE.

About Cashfree Payments:

Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateway, a split payment solution for marketplaces, bank account verification API and Auto Collect — a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.

Cashfree Payments ties-up with SonyLIV, for Shark Tank India

Leading payments and API banking solutions company, Cashfree Payments (Cashfree) today announced its partnership with SonyLIV as the payments partner for the first edition of the “Shark Tank India” show.

Shark Tank is a 20-year-old international TV show that has reinvigorated start-ups across 40 countries and is touted as the world’s number one business reality show. The one-hour show features start-up founders making pitches to judges, who are also prospective investors, for raising funds.

The show’s importance in the country cannot be emphasized as India has 38,815 active start-ups as of date. Of these, 1,050 start-ups were launched in 2020. In the same year, start-ups raised $11.5 billion. By 2021-end, start-ups are projected to raise another $16-20 billion. And, all of this has happened and is set to happen, despite the pandemic. Cashfree Payments finds value in the collaboration, as its operations towards enabling businesses digitize and grow by providing distinctive payments solutions resonate well with the format of Shark Tank. Similarly, the show presents golden opportunities to Indian startups and entrepreneurs to showcase their business models.

Akash Sinha, Co-Founder and CEO, Cashfree Payments said, “We are glad to partner with SonyLIV for the Shark Tank India show as it allows us to associate with a platform that recognizes and supports young entrepreneurs. This is in line with Cashfree’s philosophy of fostering innovation in the Indian business ecosystem and contributing to the Make in India initiative.”

“Cashfree values the passion of entrepreneurs towards their businesses and such examples of extraordinary spirit and aspirations. In fact, we believe that this association will benefit the country’s overall start-up ecosystem – celebrating entrepreneurship and creating a more favorable environment for start-ups to bloom,” he added.

Ranjana Mangla, Sr. Vice President & Head of Ad Revenue – SonyLIV at Sony Pictures Networks India – Digital Business said, “It gives us immense pleasure to partner with Cashfree Payments for our first edition of Shark Tank in India. Our unique and valuable collaboration with Cashfree is sure to enhance the dynamic entrepreneurial ecosystem in the country. Being the payment partner for this edition of Shark Tank, we are happy to open that gateway for innovative minds to foster in synergy with Cashfree.”

With over 50% market share, Cashfree Payments today leads the way in bulk disbursals in India with Cashfree Payouts. Recently, India’s largest lender, SBI invested in Cashfree, underscoring the latter’s role in building a robust payments ecosystem.

Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree products are used in eight other countries including the US, Canada and the UAE.

Shark Tank India is going to premiere on SonyLIV on Dec 20th.

About Cashfree Payments

Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateway, a split payment solution for marketplaces, bank account verification API and Auto Collect — a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.

Cashfree Payments launches tokenization solutions ‘Token Vault’ to help merchants meet RBI guidelines

Leading payments and API banking solutions company, Cashfree Payments (Cashfree) today announced the launch of tokenization solutions, ‘Token Vault’ enabling merchants to save card network tokens effortlessly, while staying compliant with RBI guidelines. The company’s Token Vault Service offers both, saving tokenized cards and processing payments using tokenized cards as a single solution, eliminating merchants’ need to look out for multiple payment partners.

Card-On-File (COF) tokenization is the process of replacing sensitive card information like card number, and card expiry with a cryptographically generated random string referred to as the card token. A tokenized card transaction is safer because the actual card details are not shared with the merchant during a transaction. The generated card token can be used for processing payments, as a substitute for the actual card details like card number and card expiry and CVV. This eliminates the issue of loss of sensitive card information while making card payments

The recent circular by the Reserve Bank of India (RBI) on Tokenization states that neither the authorized Payment Aggregators nor the merchants shall store customer card credentials on their servers. Only the card issuing banks or the corresponding networks are authorized by the RBI to save customers’ card details. The deadline for card tokenization is December 31, 2021.

Akash Sinha, CEO, and Co-Founder, of Cashfree Payments, said, “It gives us immense pleasure to launch Token Vault, which will help us to assist our entire customer base to stay aligned with the RBI’s guidelines. The specifications have come at a critical time and will contribute to the sustained growth of the country’s safe digital payments ecosystem. Our tokenization solutions will help merchants save customers’ tokenized card details while enabling a quick and secure card checkout experience. At Cashfree, it is our focus to building innovative and effective solutions, to help provide multiple experiences under one roof.”

Cashfree is one of the certified and compliant payment tokenization service providers which works across all major networks like Mastercard, Visa, and RuPay.

With over 50% market share among payment processors, Cashfree Payments today leads the way in online payments, vendor payments, e-mandate, and bulk disbursals in India with Cashfree Payments Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payment gateways and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE.

About Cashfree Payments:

Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate a payment gateway, a split payment solution for marketplaces, bank account verification API, and Auto Collect – a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty, and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.

Cashfree Payments launches PAN Verification for customer KYC; simplifies bulk KYC for businesses

October 2021: Leading payments and API banking solutions company, Cashfree Payments today announced that it has launched PAN Verification on Cashfree Payments Verification Suite. This feature will allow merchants to do a single online PAN verification or bulk pan verification of upto 10,000 PANs of their customers via PAN verification API. Through this solution merchants can check pan card details online and check pan status online.

The PAN Verification can verify PAN Details such as validity of the PAN, Name provided, Verification ID, PAN type, Name registered, Father’s name, Date of Birth and Date of issue. With this launch, merchants and businesses can get their customers’ PAN verification done and check the status in real time, improving the speed and experience of onboarding.

A Permanent Account Number (PAN) is a unique ten-digit alphanumeric number issued by the Income-tax Department of India to all taxpayers in India. PAN Verification is used to check the authenticity of the details, validate PAN Card and also check if the card is owned by a business or an individual. Merchants and businesses use PAN for various purposes, such as:

● Onboarding vendors

● Onboarding employees

● Transferring funds or process payments

● KYC for financial services

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “With markets becoming increasingly competitive, it is vital for businesses to reduce turnaround times for any KYC-related requirements so that onboarding or payments can be conducted faster. We’re excited to introduce our API based pan verification for our merchants to verify their users’ PAN card details, get the status of the PAN card, and check whether it belongs to a business or an individual. With this move, onboarding new customers will be much easier and quicker.”

PAN card Verification

Is a new feature added to Cashfree Payments’ Identity offering. Cashfree Payments launched its Identity offering, starting with Bank Account Verification in 2019, and since then, it has been adopted by various businesses for their unique business use cases like KYC before vendor onboarding, employee background checks, and account verification before disbursals, etc.

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with Cashfree Payments Payouts. Recently, India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay.

About Cashfree Payments:

Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateway, a split payment solution for marketplaces, bank account verification API and Auto Collect — a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.

Cashfree Payments named to the 2021 CB Insights Fintech 250 List of Top Fintech Startups

CB Insights today named leading payments and API banking solutions company, Cashfree Payments to the fourth annual Fintech 250, a prestigious list of emerging private companies working on groundbreaking financial technology. This year’s list was unveiled on stage at CB Insight’s Future of Fintech conference in New York City.

“This is the fourth class of the Fintech 250, and it’s also the most international, representing 26 countries. These 250 fintech startups are attacking an incredibly diverse array of financial services opportunities across 19 sectors, including digital banking, insurance, payroll, retail investing, and more,” said CB Insights CEO Anand Sanwal. “After being named to the CB Insights Fintech 250 last year, the 2020 class saw 17 companies go public and 25 get acquired. They also went on to raise over $25B in additional financing and forged more than 380 new partnerships after being recognized. The Fintech 250 has a history of spotlighting the very best fintech companies, and this year is no different. We’re excited to see how these fintech startups disrupt and transform financial services in the years ahead.”

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We are delighted to be recognised by CB Insights and named to the prestigious Fintech 250 list. This honour validates our efforts to constantly build innovative and effective solutions for the financial ecosystem. The groundbreaking solutions that we have developed, such as Payouts, are aimed at creating value at scale for our stakeholders and enhancing their operational abilities. The favourable regulatory environment in India, alongside the country’s healthy competitive ecosystem, have enabled us in this endeavour. We will continue with our vision to develop efficient and effective offerings that will contribute to the country’s financial inclusion imperative.”

Through an evidence-based approach, the CB Insights Intelligence Unit selected the Fintech 250 from a pool of over 17,000 companies, including applicants and nominees.They were chosen based on several factors, including data submitted by the companies, company business models and momentum in the market, and Mosaic scores, CB Insight’s proprietary algorithm that measures the overall health and growth potential of private companies.

About Cashfree Payments:

Cashfree Payments is a leading payments and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with a simple integration. Cashfree Payment’s offerings include an advanced and easy way to integrate payment gateway, a split payment solution for marketplaces, bank account verification API and Auto Collect – a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payment’s products are used in eight other countries including USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.

Cashfree Payments and Mumbai Angels Network partner to make payment solutions more accessible to startups

Bengaluru, 30 September, 2021: Leading payments and API banking solutions company, Cashfree Payments today announced its partnership with Mumbai Angels Network to support startups with seamless payment solutions. Through this partnership, Cashfree Payments will help more than 170 startups to accelerate growth by providing payment solutions at subsidized pricing. With Cashfree Payments’ solutions and services these businesses will have seamless transaction processes and will be able to achieve greater success and economic scalability.

This partnership will allow startups associated with Mumbai Angels Network to avail Cashfree Payments’ suite of fintech solutions and products at discounted rates
Cashfree Payments is the only fintech company on board with Mumbai Angels Network to support these startups with payment tech.

The Mumbai Angel Network is a start-up investment platform that backs seed and early-stage ventures.

Commenting on the partnership, Reeju Datta, Co-Founder, Cashfree Payments said, “We have always focused on empowering the startup ecosystem by providing seamless payment frameworks so that startups can streamline their payments for efficient operation. We are pleased to partner with Mumbai Angels Network in this endeavor. Our goal is to mentor and offer a suite of fintech products at special rates to these startups to accelerate their progress and establish ourselves as reliable partners in their growth and success”.

Commenting on the partnership, Nandini Mansinghka, Co-Founder & CEO, Mumbai Angels Network said, “We are curating a high-end cohort of service providers to strengthen the core businesses of our portfolio companies. In this initiative, we believe Cashfree Payments can be a promising partner for paperless banking services, an innovative solution for early-stage companies looking for payment service”.

Mumbai Angels Network has 15 years of experience and a network of about 550 angel investors that enable startups to unlock their potential and scale growth across core operations.With INR 200 CR invested from 40 cities and ten countries, they support investors and portfolios in various areas including investing, portfolio monitoring, and investor education. They also co-invest with VCs.

Recently, Cashfree Payments has launched the first product from its Banking as a Service (BaaS) offering, ‘Accounts’ to help platforms create, link and manage bank accounts of all kinds on behalf of their customers, partners and vendors. ‘Account’s by Cashfree Payments will enable 100% paperless instant bank account creation, helping businesses to quickly build a financial services product and grow fast. India’s leading payments and API banking solutions company offers 6 first-of-its-kind fintech innovations: Payouts, Instant Refunds, Cashgram, Pre-Authorization, Subscriptions, Instant Settlements. This is outside of its regular offerings, which includes Payment Gateway, Payouts, Cashgram, Autocollect, Marketplace Settlement and supporting features.

Cashfree Payments is among the leading payment service providers in India and processes transactions worth USD 20 billion annually. With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with Cashfree Payment’s, ‘Payouts’. In June 2021, India’s largest lender, SBI, invested in Cashfree Payments, underscoring the company’s role in building a robust payments ecosystem. The company works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Currently, Cashfree Payment’s products are used in India and eight other foreign countries like the USA, Canada, and the UAE, and by businesses like Logisy, Aramex, Zomato, Cred, Nykaa, Delhivery, among others.

About Cashfree Payments:

Cashfree Payments is a leading payments and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with a simple integration. Cashfree Payment’s offerings include an advanced and easy way to integrate payment gateway, a split payment solution for marketplaces, bank account verification API and Auto Collect -a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments’ products are used in eight other countries including USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.