Cashfree – Indian Startup taking more efforts to increase digital payments
Cashfree, Bengaluru-based startup, founded with Reeju Datta in 2015, has grown significantly over the years. This Indian startup wants to bring more customers to the digital payments landscape. Over time, the company has grown to expand the suite of products that it offers.
Cashfree: The Payments Platform
Cashfree is the best payment platform that automates inbound and outbound bank transfers. The company allows Indian businesses to automate bank transfers and accept card payments. Additionally, Cashfree also allows marketplace and fintech businesses to build payment flows around receiving and disbursing money.
Akash Sinha, Co-Founder of Cashfree
Akash Sinha has always had the proverbial entrepreneurial itch. From trying to build a social network for workplaces to running a portal that would match entrance exam scores with the qualifying institutions during his undergraduate, he has dabbled a fair bit into starting up to know how it works.
“It’s always been about looking at the problems in the market and trying to solve them; that’s what you do as an entrepreneur,” he says.
Sinha is now the co-founder and chief executive officer of Cashfree, a payments and banking technology company that primarily deals with enabling businesses across the country to collect and send money.
Must Read: Kunal Chandiramani – Youngest Entrepreneur
Cashgram – the product by Cashfree
The company launched an industry-first product called Cashgram that makes e-commerce refunds fast and simple. Using this product, companies can send a web link to their users requesting bank account information.
Cashgram is a way to instantly send out money. If you have received a Cashgram from a merchant, you can redeem this Cashgram by visiting the Cashgram link and submitting your recipient details. You should then receive the money instantly.
Related Post: Startup Story: Salary Dost for Advance Salary Loans
Heading towards success
Cashfree is focusing on working with India’s leading banks to reshape the digital payments and banking space for the entire industry. The company currently processes more than $10 billion worth of transactions on an annualized run rate basis, reflecting a 25 percent monthly growth and hopes to take these numbers to $30 billion by the end of the calendar year. On the merchants side, where it currently has a base of 55,000, it expects a nearly 10x growth by the end of 2020.
Information sources: Entrepreneur, Analytics India Magazine.
