Enkash, a fintech startup, has raised $20 million in a Series B funding round led by Ascent Capital, Baring India, and Singapore-based White Ventures.

The funding round also saw participation from existing investors Mayfield India and Axilor Ventures.

EnKash | Corporate Cards & Spend Management Platform

Founded by Yadvendra Tyagi, Hemant Vishnoi, and Naveen Bindal in 2017, EnKash is an all-in-one comprehensive corporate cards & payments platform.

The fintech startup offers a range of corporate cards from managing purchases like supplier/ utility/ tax payments, expenses like travel & entertainment or digital marketing or cloud payments to payroll or employee benefits like meal vouchers to gift cards for partners.

Speaking about the development, Naveen Bindal, Co-founder of EnKash, said,

“We intend to cut short the cycles of manual work and processes while offering products and services in a completely DIY mode on our platform. The customer should not be hassled with multiple platforms, banking portals and manual coordination to get the right product.”

Working with a mission to help businesses optimise their cashflows & spend, the fintech startup helps businesses manage their finances on one central platform. The fintech platform enables businesses to manage their payables/receivables and expenses, as well as issue corporate cards to employees. 

As per Hemant Vishnoi, EnKash’s Co-founder, the ultimate goal is to have one out of three corporate cards running with EnKash over the next five years, as well as cover both ends of the B2B and B2C offerings.

EnKash caters to 70,000 businesses and has issued 500,000+ cards. The startup claims to have processed annualised spending worth around $2 billion on its platform at present. Enkash is competing with startups like Centage, Divvy, Brex, ExpenseAnywhere, and Spendesk, among others.

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