Home India How Two Friends Built a Company to Revolutionize the Indian Fintech Landscape

How Two Friends Built a Company to Revolutionize the Indian Fintech Landscape

by upendra
0 comment

In the fast-paced world of fintech, where digital payments are becoming the norm, Cashfree stands out as a success story. Founded in 2015 by two friends, Akash Sinha and Reeju Datta, this Indian payment gateway disruptor has risen to prominence by simplifying online payments for businesses. In this article, we’ll delve into Cashfree’s journey, its innovative solutions, and its plans for the future.

1. The Birth of Cashfree

The idea behind Cashfree germinated from the experiences of its founders, Akash and Reeju, who worked as freelancers. They often encountered challenges in receiving payments from clients, prompting them to envision a more straightforward and efficient payment system. This vision led to the birth of Cashfree.

2. Building a Seamless Payment Gateway

Akash and Reeju’s first step was to develop a payment gateway capable of integrating seamlessly with various e-commerce platforms. Their gateway allowed merchants to accept payments through multiple channels, including credit/debit cards, net banking, UPI, and digital wallets.

3. Seed Funding from Y Combinator

In 2017, Cashfree secured a pivotal $120,000 in seed funding from Y Combinator, which enabled them to scale their operations and attract more clients. This early boost helped them establish a strong foothold in the Indian fintech market.

4. Serving Over 50,000 Businesses

Today, Cashfree serves over 50,000 businesses in India, including major players like Zomato, CRED, Xiaomi, and HDFC Ergo. Its success lies in its simplicity, speed, and security.

5. Expanding Product Offerings

Cashfree’s commitment to innovation is evident in its continuous expansion of product offerings. Products like bulk payouts and virtual accounts help businesses manage their finances more efficiently. The company has also partnered with major banks like HDFC, ICICI, and Axis Bank to provide instant settlements and value-added services.

6. Awards and Recognitions

Cashfree’s achievements have not gone unnoticed. The company has received multiple awards, including the Best Fintech Startup Award at the Entrepreneur India Awards 2019 and the Payments Innovation Award at the ET BFSI Awards 2020.

7. Global Ambitions

Cashfree has set its sights beyond India and aims to become a global leader in payments and banking technology. With its talented team, innovative products, and unwavering commitment to customer satisfaction, Cashfree is on the path to achieving this ambitious goal.

8. The Product Lineup

Cashfree initially focused on providing payment gateway solutions for businesses. It introduced Cashfree Payment Gateway in 2017, allowing businesses to accept payments online through various modes, including credit cards, debit cards, net banking, and UPI. The company also launched Cashfree Payouts, a platform for bulk payouts to employees, vendors, and customers.

9. Series A and Series B Funding

In 2018, Cashfree raised $5.5 million in a Series A funding round led by Korea Investment Partners (KIP) and existing investors Y Combinator and Smilegate. The funds were used to expand product offerings, enhance technology, and grow the team. In 2020, Cashfree entered the unicorn club, raising $35.3 million in a Series B funding round led by Apis Growth Fund II. As of 2021, Cashfree has raised a total of $42.3 million in funding.

10. A Growing Clientele

Cashfree has become a go-to payment gateway solution in India, trusted by over 50,000 businesses. Notable clients include Zomato, Cred, HDFC Ergo, Xiaomi, and Delhivery.

11. The Future of Cashfree

As India’s economy increasingly embraces digital payments, Cashfree is poised for significant growth. The company has solidified its position in India and plans to expand globally, targeting the Middle East and Southeast Asia markets. Moreover, Cashfree is investing heavily in technology, incorporating AI-powered fraud detection tools and developing new payment products to meet evolving business and consumer needs.

12. From Bootstrapped Startup to Fintech Leader

Cashfree’s journey from a bootstrapped startup to a fintech leader is nothing short of remarkable. Its innovative solutions and unwavering focus on customer satisfaction have made it a top choice for businesses of all sizes. With its expansion plans and ongoing technological advancements, Cashfree is well-positioned to thrive in India’s growing digital payments landscape and beyond.


In the world of fintech, Cashfree has emerged as a trailblazer, simplifying digital payments for businesses and garnering recognition for its innovative solutions. Founded by two friends with a vision, the company has grown from strength to strength, serving a vast clientele and expanding its offerings. With global ambitions and a commitment to technology, Cashfree is poised to shape the future of digital payments.

Frequently Asked Questions (FAQs)

  1. Who are the founders of Cashfree?
    • Cashfree was founded by Akash Sinha and Reeju Datta, two friends who saw the need for a streamlined payment system in India.
  2. What services does Cashfree offer?
    • Cashfree provides a full-stack payments solution to businesses, including a payment gateway, split payments, virtual accounts, and bulk payouts.
  3. How did Cashfree secure its initial funding?
    • Cashfree secured $120,000 in seed funding from Y Combinator in 2017, which helped them scale their operations.
  4. Which notable clients use Cashfree’s services?
    • Cashfree serves over 50,000 businesses in India, including Zomato, CRED, Xiaomi, HDFC Ergo, and more.
  5. What are Cashfree’s plans for the future?
    • Cashfree aims to expand globally, targeting the Middle East and Southeast Asia markets, and is investing in technology to enhance its payment solutions.

You may also like

Leave a Comment

Soledad is the Best Newspaper and Magazine WordPress Theme with tons of options and demos ready to import. This theme is perfect for blogs and excellent for online stores, news, magazine or review sites.

Buy Soledad now!

Edtior's Picks

Latest Articles