← Embedded Finance Index 2026

Cashfree

“Can Cashfree become India's dominant full-stack embedded finance API platform — spanning acquiring, payouts, BaaS, card issuing, lending, and KYC — under one regulated entity?”

Founded2015
HQBengaluru, Karnataka, India
Total raised~$100M
Latest roundSeries C, February 2025
Valuation$700M (2025)
IndustryInfrastructure / Payments
The story

Founded in 2015 as a payments collection gateway for Indian businesses (incubated by PayPal, backed by Y Combinator), Cashfree expanded beyond acquiring into a full-stack embedded finance platform — adding Payouts (instant disbursals), Banking-as-a-Service (Accounts API), Card Issuance, Embedded Lending, Cross-Border Payments (PA-CB), and SecureID/KYC verification. The 2024 PA-CB and PPI licenses position Cashfree as one of India's most broadly licensed non-bank fintech infrastructure providers, and the 2025 KRAFTON-led round signals a push into international markets.

Last 12 months
2025-02
2024-12
Product timeline
2015
Founded in Bengaluru; incubated by PayPal and backed by Y Combinator.· founding
2022
Achieved ISO 27017 and ISO 27018 certifications.· compliance
2024
Received PA-CB license from RBI as one of the first non-bank entities; PPI license issued.· regulatory
2024
Launched SecureID identity verification stack and AI-Native KYC offering.· product
2025
Raised $53M Series C led by KRAFTON at $700M valuation.· funding
2025
Renewed Payment Aggregator license (No. 266/2025).· regulatory
Regulated entities
3
regulatory licences held by Cashfree
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in Cashfree’s embedded-finance stack
Payments / PSP
Cashfree Payment Gateway (self-operated)Cashfree Payouts (self-operated)Cashfree One Click Checkout (self-operated)Cashfree softPOS (self-operated)PayPal (accepted method)
Banking / BaaS
in the full report
Card issuing
in the full report
Open banking
in the full report
FX & payouts
in the full report
Accounting
in the full report
Accounting gap: significant
10 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.