Chennai: Bengaluru-based fintech company Cashfree said it has secured $5.5 million (over 38 crore) in funding led by South Korea’s Smilegate Investment with participation from existing investor Y Combinator.

The Series A funding also saw participation from investors such as George Osborne (former finance minister of the UK) and Vellayan Subbiah (former MD of Cholamandalam Investment), a statement said. Cashfree had earlier raised from Y Combinator and other investors in 2017.

The funds will be utilised for expanding the team and distribution of the company’s API banking platform payouts, the statement added. Cashfree is used by more than 12,000 businesses for vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards.