Krafton Leads $53M Funding for Cashfree Payments

Krafton, the South Korean gaming company known for PUBG, has led a $53 million funding round for Indian fintech firm Cashfree Payments, marking its first investment in India's fintech sector. Cashfree, which processes $80 billion annually and serves 800,000 businesses, plans to use the funds to enhance cross-border transactions, security innovations, and international expansion, particularly in the Middle East. The investment aligns with Krafton's strategy to explore synergies in India's digital economy, especially in gaming and media. Cashfree's valuation has climbed to approximately $700 million, with existing investor Apis Partners also participating in the funding. This investment comes amid a decline in India's digital payments sector funding, which saw a drop from $836 million in 2023 to $194 million in 2024. Despite the subdued market, Cashfree aims to double its transaction volume by 2025, leveraging its Reserve Bank of India authorization and expanding its product offerings.