EnKash, a spends management platform and corporate cards company has raised $20 million as a part of its Series B round that was led by Ascent Capital with participation from Baring India and Singapore-based White Ventures. The round also saw participation from existing investors, Mayfield India and Axilor Ventures.
EnKash has been working on unifying cards and spend management platform that features financial automation tools, enabling businesses to manage payable, receivables and expenses on the fly, driven by a DIY-Platform first approach. The fintech company aims to offer better experience and accessibility of financial and non-financial products for businesses. It intends to further expand its offerings with the infusion of fresh capital and roll out new offerings around banking-as-a-service, scaling up its ‘plug and play’ cards issuance stack and plans to expand its geographical presence on the international front.
EnKash was founded by Naveen Bindal, Hemant Vishnoi and Yadvendra Tyagi who have a background of working with large payment processing companies, banks and fintechs. The team partnered with SBM India to roll out its cards issuance business and has partnerships with banks such as ICICI, Axis, Kotak, HDFC and SBI to name a few. In December 2020, the team stitched together a strategic alliance with Mastercard.
“Businesses are struggling with archaic and disconnected systems to spend, track, process, budget and manage their funds. A problem statement that resonates universally as evinced by the emergence of solution providers across the globe in the last couple of years. Similarly, in India, EnKash has stepped-up to democratize access to the best-in-class software and payments. We believe that EnKash is poised to continue leading this growing US$ 500 Billion plus market, on the back of its comprehensive offering, impressive execution velocity, prudent capital allocation and experienced leadership team,” said Subhasis Majumder, partner at Ascent Capital.
The startup, at present, claims to process annualized spends worth approximately $2 billion on its platform with over 70,000 businesses and more than 500,000 issued cards. The company had previously raised $3 million from Mayfield and Axilor Ventures as a part of its Series A round in 2019. The company was seed funded by Axilor Ventures.
“The pull of the product is evident in EnKash’s remarkable growth through referrals and word-of-mouth recommendations. Baring is excited to back this experienced founding team that has created a valuable proposition and is well positioned to gain disruptive growth in this untapped corporate payment market, both in India and overseas,” said Debanshi Basu from Baring India.