Cashfree Ropes In Former NPCI Executive Abhaya Hota As Independent Director

Fintech platform Cashfree Payments has roped in former National Payments Corporation of India’s executive Abhaya Hota as an independent director to its board.

With an experience of nearly 35 years across banking and financial service sectors, Hota was earlier associated with NPCI as its managing director and chief executive officer for nearly a decade. Prior to that, he held chief general manager’s (department of payments and settlement systems) role at the Reserve Bank of India for more than 25 years, as per his LinkedIn Profile.

Also, he is currently serving the role of an independent director at Federal Bank, NSE Clearing, Protean e-Gov Technologies and RBI Innovation Hub.

Akash Sinha, cofounder and chief executive of Cashfree Payments said, “His wealth of experience at the highest levels of banking and finance in the country will be of great value to us, especially from a governance and strategic policies point of view. Hota will be a great asset to the Board and management at Cashfree Payments.”

In his new role, Hota will help Cashfree Payments to build innovative products and services that will drive in creating an easily accessible payments ecosystem for both businesses and individuals.

Backed by State Bank of India, Cashfree Payments operates a full-stack digital payments solution platform. It enables businesses to collect payments and also offers API banking solutions.

In March, the Bengaluru-based company launched a new payment solution for software platforms to facilitate a seamless payment experience for businesses. This solution, Embedded Payments, enables software platforms, including enterprise resource planning (ERPs), customer relationship management (CRM), SaaS or billing platforms, to facilitate direct payments between their businesses and users.

Earlier this year, the fintech platform saw its net loss widen a whopping 46X to INR 133.1 Cr in the financial year 2022-23 (FY23) from INR 2.9 Cr in the previous year, hurt by a sharp jump in its employee costs.

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