Thursday, September 30, 2021

Cashfree Payments And Mumbai Angels Network Partner To Make Payment Solutions More Accessible To Start-Ups

●  This partnership will allow start-ups associated with Mumbai Angels Network to avail Cashfree Payments’ suite of fintech solutions and products at discounted rates

●  Cashfree Payments is the only fintech company on board with Mumbai Angels Network to support these start-ups with payment tech

Leading payments and API banking solutions company, Cashfree Payments today announced its partnership with Mumbai Angels Network to support start-ups with seamless payment solutions. Through this partnership, Cashfree Payments will help more than 170 start-ups to accelerate growth by providing payment solutions at subsidized pricing. With Cashfree Payments’ solutions and services these businesses will have seamless transaction processes and will be able to achieve greater success and economic scalability.

The Mumbai Angel Network is a start-up investment platform that backs seed and early-stage ventures.

Commenting on the partnership, Reeju Datta, Co-Founder, Cashfree Payments said, “We have always focused on empowering the start-up ecosystem by providing seamless payment frameworks so that start-ups can streamline their payments for efficient operation. We are pleased to partner with Mumbai Angels Network in this endeavour. Our goal is to mentor and offer a suite of Fintech products at special rates to these  start-ups to accelerate their progress and establish ourselves as reliable partners in their growth and success".

Commenting on the partnership, Nandini Mansinghka, Co-Founder & CEO, Mumbai Angels Network said, "We are curating a high-end cohort of service providers to strengthen the core businesses of our portfolio companies. In this initiative, we believe Cashfree Payments can be a promising partner for paperless banking services, an innovative solution for early-stage companies looking for payment service”.

Mumbai Angels Network has 15 years of experience and a network of about 550 angel investors that enable startups to unlock their potential and scale growth across core operations.With INR 200 CR invested from 40 cities and ten countries, they support investors and portfolios in various areas including investing, portfolio monitoring, and investor education. They also co-invest with VCs.

Recently, Cashfree Payments has launched the first product from its Banking as a Service (BaaS) offering, ‘Accounts’ to help platforms create, link and manage bank accounts of all kinds on behalf of their customers, partners and vendors. ‘Account’s by Cashfree Payments will enable 100% paperless instant bank account creation, helping businesses to quickly build a financial services product and grow fast. India’s leading payments and API banking solutions company offers 6 first-of-its-kind fintech innovations: Payouts, Instant Refunds, Cashgram, Pre-Authorization, Subscriptions, Instant Settlements. This is outside of its regular offerings, which includes Payment Gateway, Payouts, Cashgram, Autocollect, Marketplace Settlement and supporting features.

Cashfree Payments is among the leading payment service providers in India and processes transactions worth USD 20 billion annually. With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with Cashfree Payments’, ‘Payouts’. In June 2021, India’s largest lender, SBI, invested in Cashfree Payments, underscoring the company’s role in building a robust payments ecosystem. The company works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay. Currently, Cashfree Payments’ products are used in India and eight other foreign countries like the USA, Canada, and the UAE, and by businesses like Logisy, Aramex, Zomato, Cred, Nykaa, Delhivery, among others.

About Cashfree Payments:

Cashfree Payments is a leading payments and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with a simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateway, a split payment solution for marketplaces, bank account verification API and Auto Collect -- a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, is among the  leading  payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. 

Cashfree Payments enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments’ products are used in eight other countries including USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.

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