Krafton invests in Indian fintech firm Cashfree Payments

Krafton Chairman Chang Byung-gyu speaks during an online press meeting, sharing the company’s future vision, July 26, 2021. Courtesy of Krafton

Krafton, the Korean gaming company behind popular shooter title PUBG: Battlegrounds, said Wednesday it has invested in Indian fintech firm Cashfree Payments as part of its continued push into India's digital economy.

Cashfree Payments has raised $53 million in a recent funding round led by Krafton, according to the Korean company.

Founded in 2015, Cashfree Payments is one of India's leading fintech firms, providing payment collection, disbursement, cross-border transactions and one-click payment solutions to businesses.

The company currently partners with over 800,000 businesses and processes $80 billion in transactions annually.

With this investment, Krafton aims to explore synergies with Cashfree Payments, particularly in India's gaming and digital services sector.

Son Hyun-il, CEO of Krafton India, emphasized the potential for rapid growth in India's fintech industry.

"We believe Cashfree Payments is well-positioned to not only lead India's fintech market but also expand into the global payments industry," he said. (Yonhap)