Krafton leads Cashfree funding worth $ 53 million worth $ 700 million

Cashfree, launching Indian payments, which facilitates and processes more than $ 80 billion for its customers every year, raised $ 53 million in a new round of funding as it is preparing to deepen its presence in some international markets.

Krafton, manufacturer of sleeping hits like PUBG and BGMI, runs the Cashfree Series C financing circle, along with the existing investor growth fund, the two said on Wednesday. Financing evaluates the nine -year -old launch that has raised nearly $ 100 million to dateto $ 700 million, according to a source familiar with the terms.

This is an unusual deal – a play company investing in starting payments – but the two companies see strategic value in the partnership, their leaders told TechCrunch in an interview.

“Krafton is a large organization, very active in the space for digital content over the Internet and payment companies like us, see a great market opportunity along with e -commerce, trips and other financial services,” Akash Sinha, co -founder and CEO of Cashfree, said in Interview. “There are synergies surrounding the construction of trouble -free payment streams for smaller ticket sizes.”

In Cashfree Krafton, he found a reliable partner for payments for herself and for his growing portfolio of start -ups in the country, many of which will study the transition to the company’s offers in Bengaluru in the future. While the two companies are currently not processing game payments like BGMI, the discussions are underway and a partnership is expected soon, they said.

“The FinTech Indian industry is experiencing remarkable growth and we believe that the dominant payment position in Nastry in India can be reproduced globally,” says Sean Hunil Son, CEO of Krafton India.

Bangalor -based startup, which serves more than 800,000 businesses, including prominent names such as Swiggy, Zepto and Bajaj Finance, offers its customers a wide range of solutions and the ability to work with over 100 payment options. He saw that trade registrations increased by 130% during the current fiscal year. The launch is especially focused on expanding the UAE and other markets in the Middle East.

“Mena is big enough,” Sinha said. “We want to be the leader in this market. We focus on six major markets such as UAE, Saudi, Egypt and three smaller markets like Jordan and Kuwait. “

Cashfree founders came across a paying business. In 2015, Akash Sinha and Reeju Datta started with a basic service: Help workers to supply Bangalore Restaurant to raise money from customers. None of them has worked in payments before. But when their customers at the restaurant asked for online payment options, they noticed a bigger opportunity.

Early investors were not convinced. Many doubted that starting payments can scathing fast enough to make it important. Acceptance of Y Combinator changed this trajectory, although the founders had missed the application deadlines and could not reach the batch on time.

The launch recently provided two additional licenses, including one for cross -border transactions, and went live with several international customers.

The Cashfree technological stack allows businesses to process up to 12,000 transactions per second during peak search. The launch has also developed a Secureid, an identity checking system that has so far carried out a billion inspections, helping the business fight fraud while reducing customers’ dropping during board.

Cashfree is one of the first companies to be authorized from the Central Bank of India to work as an unit for payments for both internal and international transactions. The launch, which was incubated by PayPal, counts Y Combinator and the State Bank of India among its wider supporters.

For Krafton, the investment is aligned with its broader strategy in India, where it has invested Nearly $ 200 million in several start -ups.