India-based online payments gateway service provider Cashfree Payments is seeking to raise fresh funds, two years after its last funding round, reported Financial Express.

The company, which counts Y Combinator, Smilegate Investors, Apis Investment and State Bank of India (SBI) among its backers, have secured around $45m to date.

Founded in 2015, Mumbai-based Cashfree Payments provides integrated payment gateways to merchants for online payments processing.

The firm is said to provide a payment gateway to accept digital payments, and a bulk disbursal solution to help businesses with vendor payouts, wage payouts, e-commerce refunds, insurance claims processing, loan disbursements, expense reimbursements, loyalty, and rewards payments.

It is said to have a around 60% market share in payment disbursals in India.

The firm raised $120,000 in 2017 in maiden seed funding from US-based accelerator Y Combinator.

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In 2019, Cashfree raked in $5.5m in a Series A round from overseas investor Smilegate Investors along with some angel investors.

In 2020, the startup closed its $35m Series B round at a valuation of $200m. The round was participated by Apis Partners and some of its existing stakeholders.

Last year, Cashfree secured an undisclosed investment from the State Bank of India (SBI).

Cashfree Payments co-founder Akash Sinha told the publication: “The success/conversion rate that our merchants get from us is higher than they get from other players. We have integrated with some of the major banks in the backend.

“We are able to provide very high uptime. The platform is able to provide that kind of reliability. If you have to process a very large number of transactions, Cashfree is a reliable platform.”

Earlier this month, a report by BusinessLine said that Cashfree is preparing to expand its global footprint to 15 to 18 countries in the next two years.

Last November, the firm took a majority holding in UAE-based payments gateway firm Telr in a deal worth around $15m.