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When you invest yourself in an all-consuming vision, time really flies by. The reality of having turned 7 is just about sinking in. This past year has been very exciting and fulfilling for us here at Cashfree Payments in more ways than one.
- We launched softPOS to revolutionise payments in-store as well as for doorstep deliveries, and strengthened our Verification suite by adding Aadhar and GSTIN Verification
- With the launch of Token Vault, we tokenised cards for all major networks in the country
- Telr, a Dubai-based payment company, become our very first acquisition
- We became one of the four payment solution companies in India to have received RBI’s approval on cross-border payments for international stock investments
- We became the official Payments Partner of Shark Tank India, and the Global Fintech Fest 2021 and 2022
- Cashiens – now a family of 779 – hitherto working remotely, made a gradual comeback to our offices
We’ve always put people at the centre of everything we do. So, just the way we tried to make the back-to-office transition as easy as possible for our teams, we left no stone unturned in supporting our customers during the time. As with any step in the right direction, this too was met with appreciation from our customers, making us want to do better all the more.
The milestones we achieved this past year have made our resolve to make the future of payments and banking the reality of today, even firmer. Take a look!
At the locus of our collective thought process here at Cashfree Payments is one simple goal: delivering superior value to our customers and outdoing ourselves while we’re at it.
Building the payments infrastructure of tomorrow
We built the Verification Suite – a fuss-free solution that facilitates KYC for customers, employees and vendors by verifying their PAN, Aadhar, bank account numbers, and GSTINs. At the same time, with softPOS, we changed the way the world looks at in-store and last-mile payments, enabling businesses to delight customers with 120+ payment modes in brick-and-mortar settings as well as at customers’ doorsteps.
Regulatory compliance was, is, and will always remain central to what we build. Which is why we innovated Token Vault – our Tokenization solution, aligned with the RBI’s goal of making card payments more secure. This past year, we have tokenised cards for our merchants across all major card networks in India.
Making international investing seamless for India
Putting money on stocks abroad is common, but it doesn’t come easy to Indian investors. It usually involves funding accounts overseas to initiate trades or stock purchases. We built our Cross-border Payments solution to enable investing platforms to allow their users to buy foreign stock via local payment methods like UPI. Talk about simplifying investing!
We demonstrated the agility and robustness of our offering as part of the second cohort of RBI’s Regulatory Sandbox. And, we became one of the four payment service providers in the country to have received their approval!
Going global with the best of payments and fintech
We also made our first acquisition – Telr, a Dubai-based payments company. This was a small step in the journey of our business, but a huge leap toward our vision of becoming a payments partner trusted by India and the world.
Creating great partnerships
Speaking of being the trusted payments partner, we were proudly associated with the first season of Shark Tank India in 2021, as well as Global Fintech Fest 2021. We were also back at Global Fintech Fest 2022 as their Payments Partner, just a while back!
What the numbers say
The efforts of the past year culminated in three neat figures. We processed USD 40 billion in transaction amounts, serving 200+ million bank accounts, and powering payments for over 1,50,000 businesses.
A bit more on the numbers, presently.
- Our signups soared by a record 100% between September last year and this year, further translating into an 83% increase in the number of transacting merchants on our platform
- Our GMV grew nearly 2x in the last 12 months, with the number of transactions going through our platform rising 1.5x
Now, let’s talk about those who made all this happen.
People at Cashfree Payments
We’re nothing without the people who put humongous effort into coming up with the solutions that we’re known for today. Starting out as a team of five, we are now a family of 779 – a whopping 112% stronger than last year.
Over the last few months, it has been delightful seeing our people come together to share office camaraderie in person. And, nurturing this camaraderie being a top priority, we made some great memories over our offsite, short retreats, and internal events.
We bonded over several offsites in April this year, which are fondly remembered among our teams. We also opened the doors to our newest office at WeWork, BKC, for teams operating in Mumbai.
For the women on our teams, we organised a session under #IAmRemarkable, an initiative by Google. Through this session, we aimed to encourage them to talk more about the wonderful work they’re doing, and celebrate their workplace accomplishments. We also had a short retreat for our engineering leaders to foster collaboration and communication.
But our biggest internal event this past year was Switch On – our first-ever organisation-wide hackathon, with over 250 participants from all functions, across 55 teams. To say that those 48 hours were pure mayhem would be an understatement!
Finally, we celebrated yet another fruitful year with Fantastica, and marked our 7-year anniversary by looking back at our highs and lows.
In the news
What would a 7-year-old Cashfree Payments tell a 6-year-old one?
That bigger, better, stronger is the way to go.
That we’re making strides on our mission to bring the best of payments and banking to India and the world.
And, that the future of payments isn’t far from becoming the reality of today – if only you continue to deliver effective and scalable solutions, work with the right intentions, and keep your customers at the core of it all.
To another glorious year, and many more to follow.
