Cashfree, an Indian payments startup that facilitates and processes more than $80 billion for its customers each year, has raised $53 million in a new round of funding as it gears up to deepen its presence in some international markets.
Krafton, maker of sleeper hit titles such as PUBG and BGMI, led Cashfree’s Series C financing round alongside existing investor Apis Growth Fund, the two said Wednesday. The funding values the 9-year-old startup, which has raised nearly $100 million to date, at $700 million, according to a source familiar with the terms.
It’s an unusual deal — a gaming company investing in a payments startup — but the two firms see strategic value in the partnership, their executives told TechCrunch in an interview.
“Krafton is a large organization, very active in the digital content space over the internet and payment companies like us see a sizable market opportunity alongside e-commerce, travel and other financial services,” Akash Sinha, co-founder and chief executive of Cashfree, said in an interview. “There are synergies around building seamless payment flows for smaller ticket sizes.”
In Cashfree, Krafton has found a reliable payments partner both for itself as well as its growing portfolio of startups in the country, many of which will explore switching to the Bengaluru firm’s offerings in the future. While the two companies don’t currently process payments for games like BGMI, discussions are underway and a partnership is expected soon, they said.
“India’s fintech industry is experiencing remarkable growth, and we believe Cashfree Payment’s dominant position in India can be replicated globally,” said Sean Hyunil Sohn, CEO of Krafton India.
The Bangalore-based startup, whose customers include Swiggy, Zepto, and Bajaj Finance, offers a range of products including payment gateway services and automated payouts to innovative features such as PayToPhone for mobile …