• Cashfree Payments recently raised $53 million in a funding round led by KRAFTON, with participation from Apis Partners.
• Part of these funds will be used to expand operations in the UAE and the Middle East region.
• The company aims to use its expertise in India’s fintech sector to enhance the digital payments market in the MENA.

The payments solutions provider, Cashfree Payments, secured $53 million in fresh funding to expand in the Middle East. South Korean digital entertainment company, KRAFTON, led this round, with participation from Apis Growth Fund II, managed by UK-based Apis Partners.

Part of this investment will support Cashfree’s presence in the UAE and the MENA region. The company hopes to become a key player in the region’s fintech and digital payments landscape.

Cashfree Expands its Presence

Cashfree operates in the Middle East through a partnership with UAE-based payments firm Telr. The new funding round allows the company to expand its offerings to businesses in the region.

“We are particularly focused on expanding in the Middle East, leveraging our partnership with Telr, a UAE-based payments firm, where we made a strategic investment three years ago.” 

Akash Sinha, CEO & Co-founder of Cashfree Payments.

The Middle East is witnessing an increasing adoption of digital payments, especially in the e-commerce, travel, and remittances sectors. Cashfree sees the region as a strategic growth area with the demand for seamless financial transactions.

Beyond India 

The company benefits from its experience in India, where it processes $80 billion in payments annually. Now, it is planning to apply its insights to MENA markets. While India remains Cashfree’s core market, international expansion is becoming a priority. 

Cashfree hopes to become a global player to enhance its offerings in digital economies. Currently, it serves 800,000 businesses and expects significant revenue in the coming years.