As part of its efforts to promote digital payments, State Bank of India has made an undisclosed investment in digital payments and banking technology startup Cashfree.
Sources state that the lender has acquired less than a 5% stake in the Bengaluru-based firm. Customers include Nykaa, Zomato, BigBasket, and Delhivery, and it offers services such as ecommerce payment collection, vendor payments, and marketplace settlements.
Cashfree offers a full-stack payments solutions platform that enables over 100,000 growing businesses in India and around the world to accept and disburse payments online with a single integration.
Since the pandemic, Cashfree, which is backed by Y-Combinator, has more than doubled its user base and has over 100,000 merchants making over two million transactions per day on the platform.