Indian payments gateway provider Cashfree has secured $5.5m in a Series A funding round led by South Korean venture capital firm Smilegate Investments.

Smilegate joins Y Combinator, former-chancellor of the exchequer in the UK George Osborne, and ex- Cholamandalam Investment managing director Vellayan Subbiah.

Y Combinator is an existing backer of Cashfree.

The company participated in Cashfree’s seed round in 2017, which raised $120,000.

Last year, Y Combinator invested in Indian payments firm Razorpay.

Using Cashfree’s technology, businesses can collect and disburse payments through nearly 100 payment methods.

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It facilitates instant refunds through its payment gateway, while offering a split payment solution for marketplaces and an API for bank account verification.

It also offers a virtual account solution dubbed Auto Collect.

The solution is designed to match inbound payments to clients.

The firm, set up in 2015 by Akash Sinha and Reeju Datta, claims to be growing 25% every month.

Its technology is currently utilised by more than 12,000 businesses for vendor payouts, expense reimbursements, loyalty and rewards.

The startup’s clients include Xiaomi, Tencent, Zomato, Dunzo, ExxonMobil, and Cred.

Donation platforms Ketto and Milaap are also its clients.

With the new capital, the firm intends to raise staff headcount to 100 from the current size of 45.