Indian Spend Management Platform EnKash Raises $20M in Series B

Spend management platform EnKash has raised $20 million in a Series B funding round led by Ascent Capital, the company said in a news release Monday (April 4).

“Expenses are just a tiny sliver of a company’s payables and expense management platform is just one software,” said Naveen Bindal, the Indian company’s co-founder. “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.”

Bindal said EnKash helps customers save time and money by letting them avoid the hassle of working with multiple platforms and banking portals.

With this new funding, the company plans to expand its offerings, delve deeper into the banking-as-a-service space, and scale up its “plug and play” card issuance stack, while also expanding internationally, said Hemant Vishnoi, who co-founded EnKash with Binda and Yadvendra Tyagi.

Read more: Mastercard, EnKash Team To Expand Commercial Card Use In India

Joining the funding round were Baring India and the Singapore’s White Ventures, along with existing investors, Mayfield India and Axilor Ventures.

EnKash has worked with SBM India to launch its cards issuance business and formed partnerships with banks such as ICICI, Axis, Kotak, HDFC and SBI. In December 2020, the company formed a strategic alliance with Mastercard, to expand the use and acceptance of commercial cards in India and create a B2B digital payment automation platform.

“Limited penetration of card acceptance solutions across small B2B suppliers has led to many businesses missing on new innovative B2B payment solutions, the companies said at the time.