Krafton Leads Cashfree’s $53M Round to Fuel Global Expansion
Hey FinTech Fanatic!
Cashfree, the Indian payments powerhouse processing over $80 billion annually, has secured $53M in fresh funding led by Krafton at a $700M valuation. The gaming giant sees strategic potential in payments, with Sean Hyunil Sohn, CEO of Krafton India, stating: “India’s FinTech industry is experiencing remarkable growth, and we believe Cashfree’s dominant position can be replicated globally.”
Akash Sinha, CEO of Cashfree, emphasized the opportunity: “There are synergies around building seamless payment flows for smaller ticket sizes.” With an expanding presence in the Middle East and cutting-edge solutions like SecureID and RiskShield, Cashfree is poised to redefine global payments.
Read more global FinTech industry updates below 👇 and I’ll be back with more tomorrow!
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INSIGHTS
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FINTECH NEWS
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PAYMENTS NEWS
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OPEN BANKING NEWS
🇯🇴 Galaxy receives Central Bank approval to test open banking. Through its FINX Connect platform, FinTech Galaxy aims to empower third-party providers with secure, consent-driven access to customer data for innovative financial services. This will contribute to Jordan’s vision to become a regional leader in financial technology and a driver of financial inclusion in the region.
🇸🇪 Klarna CEO Slams EU Open Banking as a "Failure". His strongly-worded criticism came in response to OpenAI's launch of Operator, an AI agent that can autonomously perform tasks by interacting with web interfaces. He revealed that using tools like Operator to access bank accounts is "illegal by law" in the EU.
DIGITAL BANKING NEWS
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🇺🇸 Okoora announces its expansion in the US. The company is offering its Embedded Finance solutions and core API suite to financial institutions, FinTech firms, and non-financial businesses. This also includes multi-currency accounts, global payments, FX conversions, and currency risk management through hedging.
🇦🇺 CommBank and AWS expand collaboration to deliver global best cloud and AI capabilities. By rearchitecting a significant percentage of its workloads onto AWS, and using cloud native designs, Commbank is further simplifying the bank’s technology environment.
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BLOCKCHAIN/CRYPTO NEWS
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PARTNERSHIPS
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DONEDEAL FUNDING NEWS
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🇮🇳 Krafton leads Cashfree’s $53M funding at $700M valuation. “Krafton is a large organization, very active in the digital content space over the internet and payment companies like us see a sizable market opportunity alongside e-commerce, travel and other financial services,” Co-Founder and CEO of Cashfree, said.
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M&A
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MOVERS AND SHAKERS
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🇩🇰 Lunar appoints industry leader Nanna Bergmann to drive Moonrise expansion. This strategic move underscores Lunar's commitment to scaling its payments offering and establishing Moonrise as the leading payments partner for regulated FinTechs, PSPs and banks in the Nordics.
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