Hon'ble Minister Dr. Ashwath Narayan C N, Minister of Higher Education, IT and BT, Sci and Tech and Skill Development, Entrepreneurship and Livelihood, Government of Karnataka, inaugurated the newest office of Cashfree Payments, in Mangaluru

BENGALURU, India, Dec. 19, 2022 -- Hon'ble Minister Dr. Ashwath Narayan C N, Minister of Higher Education, IT and BT, Sci and Tech and Skill Development, Entrepreneurship and Livelihood,Government of Karnataka today inaugurated the Mangaluru office of Cashfree Payments, a leading payments and API banking solutions company, strengthening its presence in Karnataka.

The inauguration ceremony took place in presence of several higher dignitaries including Shri Dr. E.V Ramana Reddy, IAS, Additional Chief Secretary to Government Commerce & Industries Department Electronics, IT, Bt and S&T Department, Government of Karnataka; Shri. Dr. N Shivashankara, IAS, Director Electronics, IT, Bt and Managing Director, Karnataka Innovation & Technology Society (KITS), Department of Electronics, IT, Bt and S&T and Shri. BV Naidu, Chairman, Karnataka Digital Economy Mission (KDEM).

As a part of Smart Cities Mission list, Mangaluru is among the 100 smart cities to be developed in India. Further, Mangaluru is one of the three city clusters to spearhead the KDEM's 'The Beyond Bengaluru' program by attracting global companies to establish their offices and operate from this region. Cashfree Payments' new office is in line with this program, which will lead to intensifying the drive to build a robust fintech ecosystem in the region. It will also spotlight the skill development, employment generation, and overall development across Karnataka.

Present at the occasion, Shri. BV Naidu, Chairman, Karnataka Digital Economy Mission (KDEM) said, "Congratulations to Cashfree Payments for setting up operations in Mangaluru, as part of our #BeyondBengaluru initiative! Our mission is to work closely and support such emerging tech companies to expand to Beyond Bengaluru clusters across Karnataka. We are very happy that Cashfree Payments a leading fintech company choose to expand to Mangaluru as Mangaluru is being promoted as a fintech cluster. It is only the beginning, there are more fintech companies showing interest to expand to Mangaluru. It's nice to see them drive the digital economy of Karnataka by accelerating skill development and employment generation in the state. We wish them lots of success in their endeavors.".

Commenting on the launch, Akash Sinha, CEO and Co-founder, Cashfree Payments said, "It gives us immense pleasure to start our operations in Mangaluru, a region which offers a dynamic and vibrant ecosystem with a prominent culture of innovation and rich entrepreneurship. New-age fintechs are reshaping India into a more digitized country through deeper penetration. It is evident that now tier 2 and tier 3 cities are also becoming attracted to the fintech revolution, driving the future of financial services in India. Mirroring the growth of fintech across the nation, we at Cashfree Payments, are witnessing an exciting phase of growth too. Our operations in Mangaluru will certainly attract talent from the region, while allowing us to contribute to its overall growth imperative."

75% of the employees at Cashfree Payments are based in Karnataka. The company has adopted a hybrid working model and the Mangaluru office will provide a convenient alternative for these employees, to work from the office. Also, it will help create employment opportunities for employees beyond Bengaluru. For this region, the company aims to hire across roles like engineering, product management, strategy and growth teams.

With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its product Payouts. Recently, India's largest lender, SBI invested in Cashfree Payments underscoring the company's role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company's products and is also integrated with major platforms such as Shopify, Wix, PayPal, Amazon Pay, Paytm and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE.

About Cashfree Payments:

Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments' offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API and Auto Collect -- a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 30 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 1,50,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.

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