Spend management fintech platform Enkash on July 13 launched its business payables and receivables automation services through its new platform called ‘Olympus’, to serve its mid-size and small and medium enterprise (SME) customers.
Enkash’s Olympus automates repetitive, manual processes such as transaction entries, bank reconciliation, payment management, collection management, expense tracking, and invoice management.
“The challenges around small to medium size business or enterprises having a turnover of more than Rs 10 crore, where they are operating with accounting software, there is a lot of manual tasks that can be automated and analysed. Olympus will help these enterprises,” Hemant Vishnoi, cofounder of Enkash told Moneycontrol.
Founded in 2018 by Vishnoi, Naveen Bindal and Yadvendra Tyagi, Enkash focusses on payment digitization and automation solutions in the B2B space for mid-market enterprises (MMEs) and startups.
The platform enables businesses to set up customized approval matrices to expedite payment approvals without compromising transparency and internal compliance. Its built-in Spends Control feature enables businesses to decentralize their payments by authorizing employees across branches or offices to make business expenses without exceeding the set spending limit.
“Current beta customers have reported more than 40 percent improvement in their processes, bringing close to 50 percent overall cost savings. Another important aspect reported by customers is mitigating risk and fraud in their business transactions,” the firm said in a statement.
Enkash clocked a revenue of $22 million in FY22 and intends to grow by 1.5X in FY23. Vishnoi said that the new business will help them increase their revenues.
“Bringing in products like Olympus will aid to our revenues. Typically we have around 10,000 customers across all platforms. With Olympus, we minted to have additional 3,000 customers by the end of this year,” Vishnoi said.
Enkash has till date raised $23 million. Ascent Capital led the last round in 2022 of $20 million with participation from Baring India, White Ventures & existing investors. In the past, it had raised a $3-million round from Mayfield India and Axilor Ventures.
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