Cashfree launches ‘Accounts’ to help fintechs build banking services; aims to become one-stop shop for Fintech APIs


Leading payments company Cashfree today launched its Banking-as-a-service offering ‘Accounts’ to help neo-banks and fintech platforms quickly integrate banking services into their product. Accounts will allow businesses to offer features like account opening, linking, deposits, check balance and interest earning to their customers, partners and vendors. Riding on the recent guidelines by RBI on digital KYC, Accounts by Cashfree will enable 100% paperless bank account creation instantly.

Currently supporting the creation and management of current accounts, Cashfree intends to soon add support for savings accounts, virtual accounts and other payments instruments. The product is currently running pilots with fintech startups, and will also enable other technology platforms to generate and customize payment instruments using Cashfree’s APIs. Cashfree’s integration across banks will enable fintechs from having to invest in bank integrations, lengthy compliances and other operational processes leading to much faster launch and scale up.

Akash Sinha, CEO and Co-Founder, Cashfree said, “India is witnessing a dramatic rise in the number of digital-first startups and enterprises. While the ecosystem is evolving rapidly to adapt to the change, startups and tech-first businesses often struggle with access to banking services. Cashfree aims to build a bouquet of Fintech APIs to help empower businesses and individuals. Our first product under it,  ‘Accounts’, will not only allow businesses to open banking accounts for their customers to collect payments and make payouts easily, but also bring their customers under the fold of digital payments.”

The announcement comes close on the heels to the launch of the Account Aggregator ecosystem last week which is a significant milestone in open banking innovation in India.

With over 50% market share among payment processors, Cashfree today leads the way in bulk disbursals in India with Cashfree Payouts. Recently, India’s largest lender, SBI invested in Cashfree underscoring the company’s role in building a robust payments ecosystem. Further delivering on this commitment, Cashfree caters to the difficulties faced by young as well as established businesses. Through its partnerships with brands like Zomato, Cred, Nykaa, Delhivery, Acko and Shell, Cashfree has launched several personalized products and solutions for specific business use cases to elevate end-user experiences. Cashfree 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.


Cashfree launches Easy Split to automate commission payouts for online marketplaces & businesses


CashfreeIndia’s leading payments and banking technology company, today announced the launch of Easy Split, an integrated marketplace payment management solution to automate commission payouts for online marketplaces and businesses. Easy Split helps splitting incoming customer payments to multiple vendors/sellers, or bank accounts with the help of a powerful API integration. It supports online marketplaces and fintech services navigate payments effortlessly by automating collections, adding and verifying vendors, splitting vendor payments by specifying commision structures, scheduling payouts and managing refunds for a seamless experience.

Commenting on the launch, Akash Sinha, Co-Founder, and CEO of Cashfree, said, “It has always been a challenge for online marketplaces to manage vendor payments in tandem with customer collections. Recently, there has been an influx of online businesses and marketplace aggregators, further accentuating the need for an efficient payments framework. With the launch of Easy Split, we are deepening our focus on innovation and experiences, building a payments core to streamline the complexities around digital transactions. We are not only offering the fastest and easiest way to initiate collections and payouts, but also the added layer of transparency and control over fund movement and vendor management.”

The ecommerce industry had a drastic growth with the influx of online marketplaces, a form of multi-brand e-outlets. The major challenge for these online marketplaces is the manual work of onboarding and verifying vendors, splitting the payment with different vendors according to the correct commission structure, settling the amount to the sellers/vendors, and handling refunds for payments that have already been split. Most of the online marketplaces handle these processes manually involving a lot of resources and time being spent on redundant bookkeeping. This calls for a more powerful payment ecosystem that understands the entire payment flow. Easy Split, as a platform, can help businesses integrate their own payment collection solution and automate splitting of payments to their sellers or service providers. Cashfree expects over 1,000 marketplaces to have access to this feature by the end of 2021.

Apart from marketplace aggregators and fintech services, Easy Split can be used to automate the complex payment processes for a wide range of businesses, like:

  • Edtech platforms

Online edtech platforms that offer courses with different professors/instructors can use Easy Split to collect payments from students and split it with the instructors after deducting a commission.

  • On-demand services

Services like cab booking, flight booking, food delivery etc. can now take bookings and automate the splitting of incoming customer payments to the respective service providers with the help of Easy Split.

  • Multi-branch outlets

Businesses that centrally manage payment collections for all their branches, like an online beauty product store or a pizza delivery store, can now make use of Easy Split to collect payment via website from all customers and route the incoming payments to their individual stores.

Currently ranked among the leading payment service providers in India, Cashfree processes transactions worth USD 20 billion annually. Apart from India, Cashfree’s products are used in eight other countries including the USACanada and the UAE.

Incubated by payments pioneer PayPal, Cashfree is backed by Apis Partners, State Bank of India (SBI), Smilegate and Y Combinator. Cashfree is used by businesses like Zomato, Cred, Nykaa, Delhivery, Acko, Shell among others for various business payment needs like ecommerce payment collection, vendor payments, marketplace settlements etc.


Cashfree Ranked Number 5 Fastest Growing Technology Company in Deloitte Technology Fast 50 India 2020


Cashfree, a Bengaluru-based payments and banking technology company, today announced that it ranked Number 5 on the Deloitte Technology Fast 50 India 2020, a ranking of the 50 fastest growing technology companies in India. Rankings are based on percentage revenue growth over three years. Cashfree grew 1,293 percent during this period.

Cashfree’s CEO and Co-founder, Akash Sinha, credits Cashfree’s focus on fintech innovation and strong partnerships across the payments and banking ecosystem with the company’s 1,293% revenue growth over the past three years. He said, “We are delighted to be in the top five rankings of Deloitte Technology Fast 50 India 2020. The last three years have been instrumental in many ways and this award is a testament to our efforts in fostering India’s digital payments ecosystem. Our industry-first innovations and products in the fintech space have given us an edge to scale and chart our growth trajectory, paving the way for a transformational journey for Cashfree ahead.”

“Making the Deloitte Technology Fast 50 India ranking is a testament to a company’s commitment to technology,” said Rajiv Sundar, Partner and Program Director – Technology Fast 50 India 2020, DTTILLP. “With its 1,293% growth rate over three years, Cashfree has proven that its leadership has the vision, determination and ability to adapt and grow in a fast-changing environment,” he added.

Deloitte Technology Fast 50 India program selection and qualifications

The Deloitte Technology Fast 50 India program, which was launched in 2005, is conducted by Deloitte Touche Tohmatsu India LLP (DTTILLP), and is part of a truly integrated Asia Pacific program recognizing India’s fastest growing and most dynamic technology businesses (public and private) and includes all areas of technology – from internet to biotechnology, from medical and scientific to computers/hardware. The program recognises the fastest growing technology companies in India based on their percentage revenue growth over the past three financial years.