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SBI joins fintech bandwagon with investment in payments startup Cashfree

Cashfree has raised undisclosed amount from largest bank in India i.e. State Bank of India, This round is regarded as a follow up round.

The company's total funding since inception is $42 million, This is the second round of funding for Cashfree in last 1 year.

Cashfree raised $35.3 million as part of its Series B funding round less than a year ago, led by growth stage financial services investor Apis Partners.

Cashfree was launched in 2015 as a payment gateway. While operating the payment gateway, the founders, Akash and Reeju, found it difficult to use online bank portals for disbursing payments everyday. In mid-2016, Cashfree decided to work on building a dedicated bulk Payouts solution for businesses operating in India.

Cashfree customer portfolio includes likes of Zomato, CRED, Nykaa, Delhivery, Acko and Shell to name a few.

Cashfree was founded by Akash & Reeju Dutta, Akash is IIIT alumnus and Ex Amazon & Bank Bazaar, while Reeju is from IIT Kharagpur starting his career with ZS associates.

Cashfree's competitors include likes of Razorpay, Instamojo, CCavenue and PayU in India while with Stripe in Indian payments space is on the cards, The Indian payments ecosystem is going to be very competitive.