New Delhi, Dec 8 (PTI) Payments and banking technology company Cashfree on Tuesday said it plans to hire about 175 people over the next one year as it is witnessing strong growth in its business.

The company, which now has over 225 employees, has digitally onboarded over 130 new hires this year.

Also Read | Moto G9 Power With Snapdragon 662 SoC Launched in India at Rs 11,999; Check Features, Variants & Specifications.

"Cashfree has strengthened its workforce to over 225 employees this year, having digitally onboarded over 130 new hires this year, as the e-commerce and digital payments sectors witness a boost amid the coronavirus pandemic," a statement said.

The spree was further accelerated during the global crisis, filling in crucial leadership ranks, including at the director levels across the engineering, product management, human resources and growth teams, it added.

Also Read | Oppo F17 Pro Price Slashed in India by Rs 1,500; Check New Price Here.

"Cashfree will continue to expand its workforce as online payments become more entrenched, aiming to cross a headcount of 300 by March 2021, and 400 by December 2021, while staying on schedule with appraisals, bonuses and promotions for the current team," it said.

Akash Sinha, CEO and co-founder of Cashfree, said digital payments are expected to grow by 10x in the next 2-3 years.

"With the recent surge in online transactions in India to unprecedented levels, we are actively developing innovations and creating products that enable businesses to process digital payments at scale," he added.

In tandem with rising e-commerce penetration and widespread digital payments adoption, the company has a three-pronged approach of partnerships, new products and geographic expansions, Sinha said.

"We are investing in skilled and talented individuals who will drive innovation and build a seamless payments ecosystem for businesses, merchants and customers that are thinking digital," he added.

The company is also continuing with merit-based appraisals and performance bonuses to help the current team stay motivated and productive during these unprecedented times, the statement said.

Currently, Cashfree is scaling up its business volumes to handle around 5 million transactions a day over the next seven to nine months as more enterprises across the country move towards digital solutions, it added.

Apart from supporting merchants, Cashfree also works with non-banking financial companies and micro-finance institutions, which process large volumes of disbursals every day.

As of March, Cashfree has processed over USD 12 billion worth of payments annually, and expects to clock 3x growth, both in revenue and volume in FY21.

Incubated by PayPal, Cashfree is backed by Apis Partners, Smilegate Investments, and Y Combinator.

In November, Cashfree had announced raising USD 35.3 million (approximately Rs 260 crore) as part of its series B funding round.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)