Cashfree Payments transaction volume has grown by nearly 30 per cent after the Reserve Bank of India lifted the ban and granted the company final PA licence in December.

“The transaction volume has grown by 25 to 30 per cent just in one quarter,” Akash Sinha, CEO and co-founder of the Bengaluru-based payments company told businessline.

The platform has also seen nearly 35,000 merchant leads per month, which is 75 per cent higher than when the company was not onboarding merchants.

“From December to March, the merchant leads have grown almost twice. Currently, we are close to 35,000-36,000 leads per month and we expect it to grow to 50,000 leads by June,” said Sinha.

The Bengaluru-based company is on track to record double-digit growth, he noted.

“As compared to FY23, we are on track to record double-digit growth, while in terms of volumes is also doubling. The company has recorded more than 80 per cent growth in volume compared to last financial year,” said Sinha.

“We process nearly 2.5 billion transactions annually and in terms of volume, the net is close to $80 billion”, he added.

The primary focus of the firm was on building a well-diversified platform capable of addressing all merchant needs through its portal. The company has over 15 products across payments, collections, embedded payments, escrow as a service, verification, payment orchestration and cross-border.

The real-time risk management solution RiskShield, will allow users of the product to block transactions from specific mobile numbers, email addresses, IP addresses, Card, UPI handles and card numbers ensuring better risk management and fraud compliance. It will also allow merchants to set restrictions on the frequency and cumulative amount of transactions per customer or payment instrument within specified timeframes.

Apart from this, another important growth aspect for the firm has been FlowWise, which offers an end-to-end payments management system. Enterprises can integrate all the payment methods on their platform, including reconciliation, risk management, dispute management, chargeback and customer query.

“For a mid-to-large enterprise, would need a team of 20 people across engineering product finance to manage payments. The challenge is also training the talent. With FlowWise, they can do all of this with just 10 per cent of resources they have,” he claimed.

Currently, the SaaS version of Flowwise is used by more than 100 merchants. The company expects to hit $3 billion monthly, said Sinha.

The company processes $5 billion worth of payments per month. Cashfree Payments is aiming to return to profitability by the first quarter of FY25.

It has been more than two years since Cashfree raised its last funding round at $200 million valuation. Sinha said that the company is currently well-funded.

“We don’t have a strong need to go in the market. We’re competitively doing our experiment. However, at the right time, we have to scale these new products, we may hit the market,” he said.

The company has been investing a lot in new products and by the next financial year, they will contribute around 20-25 per cent of the total revenue.

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