EnKash, a spends management platform and corporate cards company has raised $20 million Series B round from Ascent Capital along with the participation of Baring India and Singapore-based White Ventures. The round also saw participation from existing investors, Mayfield India and Axilor Ventures.
EnKash has built a cards and spend management platform featuring financial automation tools, enabling businesses to manage payable, receivables and expenses. Enkash has earlier raised $3 million from Mayfield and Axilor Ventures as a part of its Series A round in 2019 and an undisclosed amount in seed round from Axilor Ventures.
“EnKash is working to offer better experience and accessibility of financial and non-financial products for businesses. It intends to further expand its offerings with fresh capital infusion and lead the space with innovative offerings around banking-as-a-service, scaling up its ‘plug and play’ cards issuance stack and expanding its geographical presence on the international front,” said Hemant Vishnoi, Co-founder, EnKash.
EnKash was founded by Naveen Bindal, Hemant Vishnoi and Yadvendra Tyagi. The team partnered with SBM India to roll out its cards issuance business and forged partnerships with banks such as ICICI, Axis, Kotak, HDFC and SBI among others. In December 2020, the team entered a strategic partnership with Mastercard, a global payment network processor. EnKash had roughly 30 employees two years ago and now it is close to 120. The startup said it is processing annualized spends worth about $2 billion on its platform, has worked with 70,000 businesses and issued 500,000 cards.
“Expenses are just a tiny sliver of a company’s payables and expense management platform is just one software. Financial teams also need to manage statutory payments, supplier payments, payroll and reconcile bank accounts, often in different countries, resulting in an overwhelming amount of work. Similarly, account receivables required paper or email-based invoicing, offline collections, and hassled reconciliation. Our objective is to allow the customers to save time & money. We intend to cut short the cycles of manual work & processes while offering products & services in a completely DIY mode on our platform. The customer should not be hassled with multiple platforms, banking portals & manual coordination to get the right product,” said Naveen Bindal, Co-founder, EnKash.
Subhasis Majumder, partner at Ascent Capital said, “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 $500 billion plus market, on the back of its comprehensive offering, impressive execution velocity, prudent capital allocation and experienced leadership team; a team with whom we have successfully worked in the past.”