Cashfree partners with Hylobiz to help digitise collections and payouts for over 1 lakh SMEs

• The partnership allows businesses to personalise customer journey and optimize up-time through collections & payouts automation
• Integration of Cashfree’s payment gateway and Hylobiz’ digitisation of payments value chain will result in increased cash flows in underserved markets within the SME Value chain

Leading payments and API banking solutions company, Cashfree today announced its partnership with Hylobiz, a SME distribution value chain-focused Neobank, to digitise collections and payouts for its customers. This will automate the invoicing and collections cycle for Hylobiz, by addressing integrated ERPs, invoice distribution, reminders, collections and reconciliation. More than 1 lakh SMEs in the Hylobiz ecosystem will benefit from increased business cash flows with faster and more efficient collections.

Even today, a significant number of businesses have a traditional distribution and sales networks where payments are typically done via NEFT/RTGS and other options including cash and cheques. This creates multiple disconnected steps that are usually manual, leading to errors and process inefficiencies. Hylobiz’ integration with Cashfree streamlines these issues, bringing in an element of transparency, ease and convenience by automating the entire payments process.

Commenting on the partnership, Reeju Datta, Co-founder of Cashfree said, “Cashfree’s user-centric approach to innovation and tailor-making solutions for businesses has worked well for customers and our partners. It has helped create a diverse and strong partner portfolio over the years. With this collaboration, we want to expand our efforts in enabling businesses to solve pain points around payments and catalyse growth across ecommerce. This partnership will not just help to automate collections but also help SMEs enjoy transparency with Digital Ledger, experience ease of reconciliation, generate real-time reports of cash and cheque transactions, avail automated & on-demand reminders, easier access to credit, insurance and more.”

Vishal Gupta, CEO, Hylobiz said, “Hylobiz is delighted to work with one of the leading financial services institutions in India. Cashfree has been a partner of choice for payments processing with flexible APIs and smooth user experience. Digitising the SME B2B value chain, will have a material impact on their business health and cash flows, opening up new opportunities for small businesses and giving them access to on-demand financial services.”

Hylobiz is a SME value chain-focused fintech digitising the businesses through “Connected-ERP” + “Connected-Banking” approach. Hylobiz has solved the collections and payouts for tens of thousands of SMEs and is on path to deliver credit, insurance and banking services through a single window building the SME-focussed financial services marketplace. This SME-centric approach backed with Cashfree’s flexible API solutions and payment pipes, will optimize up-time, and improve overall quality of service.

Cashfree is among the leading payment service providers in India and processes transactions worth USD 20 billion annually. With over 50% market share among payment processors, Cashfree today leads the way in bulk disbursals in India with Cashfree Payouts. In June 2021, India’s largest lender, SBI invested in Cashfree underscoring the company’s role in building a robust payments ecosystem. The company 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. Currently, Cashfree’s products are used in India and eight other foreign countries like the USA, Canada, and the UAE, and by businesses like Logisy, Aramex, Zomato, Cred, Nykaa, Delhivery, among others.

About Cashfree:

Cashfree is a leading payments 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 a simple integration. Cashfree’s offerings include an advanced and easy way to integrate payment gateway, 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 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree’s products are used in eight other countries including USA, Canada and UAE. Cashfree is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.