Cashfree Payments launches ‘Vendor Payments' to empower businesses to streamline purchase-to-pay cycle

Photo_Akash Sinha, CEO & Co-Founder, Cashfree Payments

Cashfree Payments, India’s leading payments and API banking solutions company, has launched 'Vendor Payments', a comprehensive platform that empowers businesses to streamline and manage their purchase-to-pay cycle, improving efficiency and reducing processing time. 'Vendor Payments' simplifies not only vendor payments, but other account payables including utility bill payments, other business expenses and due taxes.

‘Vendor Payments' enables users to effortlessly upload invoices received from suppliers and other account payables by either manually entering the details or importing them from accounting tools. The solution also supports bulk invoice uploads, enabling businesses to process multiple invoices simultaneously for improved efficiency. Similarly, businesses will have the flexibility to add beneficiary details for payments and easily input invoice details. Once the invoices details are updated, businesses can initiate single or bulk payouts for the unpaid invoices.

‘Vendor Payments' supports various payment modes, including Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Interbank Funds Transfer (IFT), and Unified Payments Interface (UPI), ensuring flexibility. ‘Vendor Payments' seamlessly integrates with popular accounting tools like Tally, Tally Prime, and other ERPs for seamless syncing of unpaid invoices and payment statuses. Integration with accounting tools allows for easy export and reconciliation of payment data.

Akash Sinha, CEO and Co-Founder, Cashfree Payments, said, ”We are excited to announce the launch of ‘Vendor Payments', a solution designed to simplify the vendor payment process for businesses. With this new product, our goal is to provide businesses with a comprehensive platform to manage the purchase-to-pay cycle, and other account payables and tax payments, streamlining processes and improving efficiency. ‘Vendor Payments' represents a significant step in revolutionising how businesses manage their accounts payable processes, empowering them with efficiency, accuracy, and control. Cashfree Payments remains committed to innovation and enhancing our offerings to meet the evolving needs of businesses.”

‘Vendor Payments' offers a ‘Maker Checker Flow’ feature that ensures secure approval processes by defining access levels for stakeholders, reducing the risk of unauthorised payments. It provides detailed invoice reports that can be generated for internal audit purposes, providing comprehensive information on invoice numbers, dates, payment terms, beneficiaries, and transfer modes.

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its Payouts and is also among the leading online payment aggregators. 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. Cashfree Payments 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. Cashfree Payments has also joined the Account Aggregator framework as a TSP, a global techno-legal framework that enables individuals to share their financial data quickly and securely, with their consent, with any regulated financial institution of their choice. 

Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payment 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, Lending disbursals solution 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 Payments enables more than 3,00,000 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’ Zecpe Rebrands As Ecom360: Bets Big on D2C Businesses with Growth Solutions

Cashfree Payments, India's leading payments and API banking company, has announced the rebranding of its subsidiary, Zecpe, to ‘Ecom360’. Ecom360 caters to the end-to-end growth challenges faced by D2C businesses across their customer and product lifecycles. With Ecom360, businesses gain access to a comprehensive set of solutions built to elevate customer shopping experiences, prevent returns, streamline operations, and offer exceptional post-order support.

In early 2023, Cashfree Payments acquired Zecpe, a one-click checkout solution which tackled the checkout conversion challenge, a core problem faced by D2C businesses. Keeping to the same mission, Ecom360 will address a broader set of core problems, unlocking value and facilitating exponential growth. Ecom360 will operate as a distinct brand within Cashfree Payments, offering tailored solutions for the D2C ecosystem.

Indian customers have become accustomed to a refined ecommerce journey as large marketplaces have optimised their online shopping experience. However, D2C businesses lack this capability due to multiple growth challenges such as complex check out, lack of order tracking, inventory management hurdles, and returns on COD orders. Ecom360 will bridge this gap by offering solutions that address these obstacles directly on the brands' websites, empowering Indian ecommerce retailers to deliver enterprise-grade experiences and build customer trust.

Hriday Agarwal, GM, ECom360

Hriday Agarwal, General Manager, Ecom360 said, "we are thrilled on the launch of the all-in-one e-commerce suite, Ecom360. The D2C and e-commerce sector in India has grown and expanded to remarkable heights and we anticipate that it will continue to do so. At the same time, we are aware of the numerous issues these D2C companies face as they expand. With Ecom360 by Cashfree Payments, we hope to address the growth difficulties faced by D2C and e-commerce enterprises, including improving checkout and payment processes and enabling them to provide seamless pre- and post-order experiences for customers.”

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, "We are excited to introduce Ecom360 to D2C merchants in India, providing a comprehensive solution to address all their end-to-end growth challenges. This is a significant step in our mission to empower businesses with enhanced payments capabilities, allowing them to scale-up rapidly. It is also a testament to our commitment to the nation’s Make in India initiative, by helping businesses to grow sustainably. We have always focussed towards innovating and introducing effective payments products for our merchants. Ecom360, aligns with this notion, as we aim to revolutionise e-commerce for businesses.”

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its Payouts and is also among the leading online payment aggregators. 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. Cashfree Payments 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 payment 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, Lending disbursals solution 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 Payments enables more than 3,00,000 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 Acquires One-Click Checkout Company, Zecpe to Strengthen Its D2C Payments Suite

• Acquisition to further enhance D2C checkout capabilities of Cashfree Payments, giving merchants elevated end-to-end checkout and payment experience
• Zecpe to operate as a wholly owned subsidiary of Cashfree Payments
• Zecpe Founder to join Cashfree Payments as Head, E-commerce – Checkout, to help scale the product further

Cashfree Payments, India's leading payments and API banking company, announced its strategic acquisition of Zecpe, a one-click checkout company. Zecpe enables e-commerce businesses to improve checkout conversion by making the process quick and seamless for customers. Zecpe will now operate as a wholly-owned subsidiary of Cashfree Payments.

With this acquisition, Cashfree Payments will further enhance its Direct-to-Consumer (D2C) checkout capabilities and give its merchants an elevated end-to-end checkout and payment experience. Zecpe helps merchants increase conversion rates, supporting incremental monetisation and scaling. This will provide a seamless flow to Cashfree Payments' existing merchant base. This acquisition will also enable Cashfree Payments to offer additional value-added services like Return to Origin (RTO) reduction, fraud detection, and address pre-filling, among others. The solution provided by Zecpe is in line with Cashfree Payments’ product strategy which focuses on the benefits to end customers of their merchants.

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, "It gives us immense pleasure to announce our strategic acquisition of Zecpe. We see immense synergies between our existing products and the solutions offered by Zecpe, making it an excellent addition to our D2C Payments Suite enabled for e-commerce businesses. We are certain that this acquisition will strengthen our D2C one-click checkout capabilities and further elevate our leadership position in the SMB space. At Cashfree Payments, we are focused on offering the widest range of payments solutions and thereby constantly evolving our product suite to cater to the changing needs of our merchants."

Hriday Agarwal, Founder of Zecpe, will join the Cashfree Payments' team as Head, E-commerce – Checkout. The employees of Zecpe will also join Cashfree Payments along with him, to help scale the product further.

Talking about the acquisition Hriday Agarwal said, "We are very excited to become part of one of the leading payments companies in India and will work together to grow our business further. D2C space is exploding in India and presents a fantastic opportunity to help e-commerce players increase their conversion rates and reduce COD fraud and returns. Since we have one of the largest networks of prominent brands working with us, we know this space very well. Businesses across different industries use our solutions today. We see a natural fitment with Cashfree Payments' payments stack. We believe that integrating Zecpe's solution with the company's offerings will enable end-to-end checkout and payment solutions to clients. The products that we have developed will benefit from the scale that Cashfree Payments has built over the years."

Cashfree Payments currently powers over 3,00,000 merchants to collect payments and make payouts via all available methods with simple integration. The company has direct integrations with banks, card networks and third-party players for the highest success rates. It strives for continuous innovation to anticipate merchant needs and develop industry-leading products. Cashfree Payments has been a preferred payments platform for e-Commerce and D2C companies such as Nykaa, FirstCry, Nature's Basket, BigBasket, Zomato, Noise, Bella Vita Organic, MyFitness among others. The company provides solutions such as Payment Gateway, Buy Now Pay Later, Cashgram, Easy split, Payment links, Instant refunds, and Instant Settlements, which are well suited for e-commerce and D2C businesses.

Cashfree Payments had previously acquired Telr, a leading Payment Service Provider (PSP) in UAE and Saudi Arabia, as a part of its strategy to expand its footprint in the MENA region.

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with Cashfree Payments Payouts. India's largest lender, SBI has 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. 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 gateways, a split payment solution for marketplaces, bank account verification API, Lending disbursals solution 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 Payments enables more than 3,00,000 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 Partners with NPCI for Tokenization of RuPay Cards

With this partnership, Cashfree Payments becomes a certified and compliant payment tokenization service provider across all key card networks

Cashfree Payments, a leading payments and API banking solutions company, today announced that it has partnered with National Payments Corporation of India (NPCI) to provide tokenization solutions on RuPay cards for its merchants. Cashfree Payments’ tokenization solution ‘Token Vault’ helps merchants to provide their customers the option to save cards on the merchant website or app and process card payments securely while being RBI compliant. With this partnership, Cashfree Payments becomes a certified and compliant payment tokenization service provider across key card networks like RuPay, Mastercard, and Visa.

Token Vault supports all major card types: credit cards, debit cards, prepaid cards, and corporate cards. Businesses can integrate Token Vault API with their platform with a single integration. Once integrated, Cashfree Payments takes care of both saved card function & processing payments.

Akash Sinha, CEO and Co-Founder, Cashfree Payments

Akash Sinha, CEO & Co-Founder, Cashfree Payments said, "We are glad to partner with NPCI to enable tokenization for RuPay cards and empower our merchants with a secure and compliance-friendly payments inflow system. At Cashfree Payments, it is our focus to build innovative and effective solutions, to help provide a simpler, safe and seamless experience to our merchants. Our business, products, vision and mission support a digital and an inclusive Indian economy.”

Gaurish Korgaonkar, Head- Fintech Solutions, NPCI said, "This partnership with Cashfree payments to provide tokenization solutions on RuPay cards will enable cardholders to enjoy a seamless payment experience backed by best-in-class security. We believe that this is yet another step towards further strengthening the overall digital payments environment with increased safety and security. We are confident that this initiative will help various merchants in the digital ecosystem meet the RBI deadline.”

As per RBI guidelines, with effect from 1st July 2022, neither businesses nor payment aggregators can save customer card details on their platforms. The card details can only be saved by the card networks or issuing banks. Card 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. Once a card is tokenized, the generated card token can be used for processing payments as a substitute to card details, thus eliminating risk of loss of sensitive card information while making card payments.

Cashfree Payments’ was among the first few players in the industry to go live with its tokenization solution in December 2021.

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 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. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE.

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.

Meesho Partners With Cashfree Payments to Provide Instant Refunds to Customers

Meesho, India’s fastest growing internet commerce company, today announced its partnership with Cashfree Payments, India’s leading payments and API banking solutions company, to enable instant refunds for all Cash on Delivery (COD) orders placed via Meesho’s platform. This integration of Cashfree Payments is set to enhance the shopping experience of all Meesho users while also minimizing the need for manual intervention in certain orders.

Traditionally, in India, COD has been the preferred mode of payment especially for users from tier-II+ markets. Reducing the overall turnaround time taken to process refund payouts will enhance customer experience and also increase their trust towards online transactions. Through this partnership, Meesho aims to successfully process each refund payout in under 2 hours and eliminate drops in the payout funnel caused by technical failures or bank downtime. This entire refund process is automated by Cashfree Payments’ bulk disbursal offering ‘Payouts’. Further, the integration with Cashfree Payments will automate supplier payouts and also enable payout via UPI.

Commenting on the partnership, Kirti Varun Avasarala, Chief Product Officer, Meesho said, “In India, Cash on Delivery (COD) continues to be a preferred payment mode. We’ve noticed that any unexpected delay or hassle caused in processing refunds can cause inconvenience and lead to trust deficit. Meesho’s aims to become the preferred shopping destination for the next billion Indian consumers and our partnership with Cashfree Payments will address a very important aspect in the users’ journey and help us move closer to this goal."

Reeju Datta, Co-Founder, Cashfree Payments said, "We are glad to collaborate with Meesho in solving the problem of slow refunds, especially in case of COD orders. Our bulk disbursal product, ‘
Payouts’ will help Meesho delight its customers with faster refunds by crediting the refund amount to the customer's bank account in under 2 hours by automating the process. Queries around delayed refunds are a major source of customer tickets for e-commerce businesses, and we look forward to help Meesho reduce such queries to nil."

According to a recent report by data.ai (formerly App Annie), Meesho was the most downloaded e-commerce app in the world last year. Over the course of 2022, the company will continue to fuel the discoverability of hyperlocal businesses and products, make e-commerce accessible to value conscious customers and innovate to become the preferred e-commerce destination for the next billion users in the country. Meesho also aims to reach 100 million monthly transacting users by December 2022 and increase its roster to over 50 million products.

About Meesho

Meesho is India’s fastest growing internet commerce platform. With a vision to enable 100 million small businesses, including individual entrepreneurs, to succeed online, Meesho is democratizing internet commerce and bringing a range of products and new customers online. The Meesho marketplace provides small businesses, which includes SMBs, MSMEs and individual entrepreneurs, access to millions of customers, selection from over 700+ categories, pan-India logistics, payment services and customer support capabilities to efficiently run their businesses on the Meesho ecosystem.

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.

Cashfree Payments Forays into Digital Payments for Mass Transit, Ties With Mumbai Metro One for QR Code Payments

Reeju Datta, Co-Founder, Cashfree Payments

Leading payments and API banking solutions company, Cashfree Payments (Cashfree), today announced its association with Mumbai Metro One Private Limited (MMOPL) to enable online payment for metro passengers. Passengers of Mumbai Metro can now purchase, recharge, and avail individual tickets using Cashfree Payments’ QR code, thus promoting increased digitisation of the services, apart from cashless transactions.

Available at all 12 stations on the Mumbai Metro Line 1, passengers can use any UPI app such as WhatsApp, Gpay, Bhim, Phonepe, to scan the Cashfree Payments’ QR code and complete the payment. The newly-deployed payments system will minimise human touchpoints by reducing check-ins and transit time at the ticket counters, thereby making the Metro journey more seamless and efficient.

Reeju Datta, Co-founder, Cashfree Payments said, “The QR code feature launched in association with Mumbai Metro One will help create a safe and efficient payments experience for daily commuters while avoiding long queues and a more pleasurable transit. Passengers can now scan our QR code before any automated fare collection (AFC) gate to pay for their journey. We look forward to extending our efficient payments collection services to the Mumbai Metro passengers as we continue to build our digital infrastructure and create innovative online payment solutions."

MMOPL spokesperson said, “Keeping customer centricity at the heart of our operations, Mumbai Metro One has pioneered many unique initiatives over the last 8 years. During this pandemic Mumbai Metro One has always promoted digital payments while supporting its initiative “Be responsible, Be Safe”. In our quest to promote digital payments and add more digital ticketing options, we are happy to present yet another distinctive technology solution to our commuters. We are confident that “scan and pay” payment will empower our commuters.

The 11.4 km long Versova-Andheri-Ghatkopar corridor provides connectivity between Western and Eastern Mumbai. The corridor has reduced the traveling time of Mumbaikars from 90 minutes to 21 minutes.

With over 50% market share among payment processors, Cashfree leads in bulk disbursals with its Cashfree Payments Payouts. SBI recently invested in Cashfree Payments, thus underscoring the company’s role in building a robust payments ecosystem. Cashfree works closely with all leading banks to build the core payments and banking infrastructure and integrate its products 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 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 Mumbai Metro One Private Limited:

Mumbai Metro One Private Limited (MMOPL) is a Special Purpose Vehicle (SPV) created to develop, implement and operate Mumbai’s first Metro Line, on a public-private partnership (PPP) model. It is a consortium formed by Reliance Infrastructure Limited and MMRDA with 74% and 26% stake respectively.

The 11.4 km long Versova-Andheri-Ghatkopar corridor that provides connectivity between Western and Eastern Mumbai was awarded to MMOPL for the Concession period of 35 years. The corridor has 12 stations and has reduced the traveling time of Mumbaikars from 90 minutes to 21 minutes.

Payment Tech Startup Cashfree Payments and Mumbai Angels Network Partner to Make Payment Solutions More Accessible to Start-ups

• This partnership will allow start-ups 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 start-ups with payment tech

Leading payments and API banking solutions company, Cashfree Payments today announced its partnership with Mumbai Angels Network to support start-ups with seamless payment solutions. Through this partnership, Cashfree Payments will help more than 170 start-ups 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.

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 start-up ecosystem by providing seamless payment frameworks so that start-ups can streamline their payments for efficient operation. We are pleased to partner with Mumbai Angels Network in this endeavour. Our goal is to mentor and offer a suite of Fintech products at special rates to these start-ups 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 Payments’, ‘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 Payments’ 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 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 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.