India’s largest bank invests in payment service Cashfree

The State Bank of India (SBI), the country’s leading banking institution, has announced its investment in Cashfree, a fintech company that offers digital payment services.

Cashfree is the leading player in India’s digital payments sector, and is also available in eight other nations, including the UAE, the United States, and Canada. Its platform is used for over $20b worth of remittances yearly.

The platform and solutions offered by Cashfree are said to be helping more than 100,000 SMEs and startups in the country and beyond receive and send payments online via an integrated system.

PayPal, a pioneer in the payment sector, incubated Cashfree. The firm is also backed by Apis Partners, Smilegate, and Y Combinator. 

Some of Cashfree’s current partners include Cred, Zomato, Nykaa, Acko, Delhivery, and Shell. These partners use its platform to pay vendors, charge customers on their e-commerce website, among many other services.