SBI invests in fintech startup Cashfree

State Bank of India (SBI) has invested an undisclosed sum in Bengaluru-based Cashfree, the digital payments firm said in a proclamation Monday.With this, the country’s biggest public area bank joins a large number of investors including Apis Partners, Smilegate, and Y Combinator at the fintech startup’s cap table. Cashfree had in November 2020 brought $35 million up in a Series financing round drove by Apis Growth Fund II and existing investor Y Combinator, at a valuation of around $200 million.

The organization’s payments handling platform is utilized by organizations like Zomato, CRED, Nykaa, Delhivery, Acko, and Shell for e-commerce vendor payments and marketplace settlements.”We are amped up for our association with the nation’s trusted and leading lender SBI,” Akash Sinha, fellow benefactor, and CEO at Cashfree said in the statement.

“The investment fits perfectly with our growth strategy as we keep on focus on client experience and product innovation.”