Boosting Fintech Growth in the MENA Region
Cashfree Payments, a leading digital payments provider, has secured $53 million in fresh funding. This will help it expand its presence in the Middle East and North Africa (MENA). The funding round was led by KRAFTON, a South Korean digital entertainment giant, with additional investment from Apis Growth Fund II, managed by UK-based Apis Partners.
With this new capital, Cashfree aims to strengthen its foothold in the UAE and surrounding markets. This will help in bringing its fintech expertise from India to enhance digital payments across the region.
Expanding Digital Payments in the Middle East
Cashfree is already active in the Middle East through a strategic partnership with Telr, a UAE-based payments firm. This funding will allow the company to expand its services, making digital transactions faster, smoother, and more accessible for 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
With the rapid rise of e-commerce, travel, and remittances in the Middle East, the demand for seamless digital payments has never been higher. Cashfree sees this as the perfect opportunity to scale its solutions and support businesses in adopting advanced payment technologies.
Global Vision & Scaling Beyond India
India is Cashfree’s core market, processing $80 billion in payments annually. However, the company is now setting its sights on global expansion. By entering the MENA region, Cashfree hopes to replicate its success in India. It wants to use its deep understanding of fintech, digital transactions, and merchant solutions to empower businesses worldwide.
Currently serving 800,000 businesses, Cashfree is positioning itself as a major player in the global digital payments space. With this fresh investment, the company is gearing up for significant growth and revenue expansion in the coming years.
