Bengaluru, Jun 7 (IANS): Cashfree, a digital payments and banking technology company on Monday announced State Bank of India (SBI) has made an investment in the organisation.

The move reinforces their shared vision of promoting digital modes of payments, said a statement by Cashfree. It, however, did not reveal the investment amount.

"We are excited about our partnership with the country's trusted and leading lender SBI. The investment from India's largest bank shows its trust in Cashfree's innovation and the way we are rapidly scaling up the payments business, says Akash Sinha, Co-Founder & CEO, Cashfree.

He added that the development also underscores Cashfree's role towards building a payments ecosystem that enables the fastest and easiest way to collect payments and make payouts for growing businesses.

"As we work towards digitising the economy, we remain committed to bringing uniformity, transparency and a reduced turnaround time to digital transactions among Indian businesses. The investment fits perfectly with our growth strategy as we continue to focus on customer experience and product innovation," Sinha.

Cashfree provides a full-stack payments solutions platform enabling growing businesses in India and abroad to accept and disburse payment online through a single integration.

It processes transactions worth $20 billion annually. Apart from India, Cashfree's products are used in eight other countries including the USA, Canada, and the UAE.

Incubated by payments pioneer PayPal, Cashfree is backed by Apis Partners, Smilegate and Y Combinator. Cashfree is used by businesses like Zomato, CRED, Nykaa, Delhivery, Acko, Shell, among others for various business payment needs like ecommerce payment collection, vendor payments, marketplace settlements among others.