Business spend management platform EnKash has received RBI’s in-principle approval for payments aggregator (PA) licence, which will enable the company to broaden its product offerings to businesses for digital transactions.
Founded in 2018, EnKash has helped over 100,000 businesses digitise and decentralise their corporate payments, and has issued more than 8 lakh corporate cards. The licence will help Enkash streamline cash flow process for businesses by consolidating payables and receivables and making necessary actions around payments, the company said in a release.
“This will help EnKash offer innovative products & solutions not only to our existing business ecosystem but also to bring about path breaking and leading technological solutions to the market covering the entire payments flow,” said Founder Yadvendra Tyagi.
EnKash will be introducing various products for all round corporate payments such as forex collections, cross border payments, SAAS collections, and other need-based advanced solutions for different businesses, he added.
The company plans to scale up its banking infrastructure products with ‘plug-and-play’ cards issuance stack, CardX, and expand its geographical presence on the international front.
It had raised $20 million in a Series-B funding round in 2022 led by Ascent Capital with participation from Baring India, White Ventures and existing investors. Prior to that, it had raised $3 million from Mayfield India and Axilor Ventures.