EnKash, Asia’s first business spend management platform, has got in-principle approval from the Reserve Bank of India (RBI) for a payment aggregator (PA) license, the company said in a release on January 11.
The spend management firm founded in 2018 helps businesses digitize and decentralise their corporate payments. The payment aggregator license will enable EnKash to broaden its product offerings to millions of businesses for digital transactions, it said.
Commenting on the development, Yadvendra Tyagi, co-founder, EnKash, said: “We are excited to get in-principle approval from RBI for our payment aggregator license. This will help EnKash offer innovative products and 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.”
He added: “RBI’s in-principle approval to EnKash reiterates the need for digital solutions to manage business cash flows in an efficient way to sustain growth and profitability. This will help us streamline the cash flow process for businesses where they will be able to seamlessly consolidate all their payables and receivables and make necessary actions around payments.”
EnKash offers it's business customers an end-to-end business spend management platform to help them move toward digital and operational efficiency. Small to mid-level companies and digital startups that use EnKash’s spend management platform benefit by getting 50 percent less turnaround time (TAT) while making critical payments like utility, GST, bill payments, etc.
According to the company’s statement, EnKash has not only helped over 100,000 businesses digitize their corporate payments but has also issued over 8,00,000 corporate cards.
The company raised $20 million in a Series-B funding round led by Ascent Capital with participation from Baring India, White Ventures, and existing investors in 2022. In the past, it had raised $3 million from Mayfield India and Axilor Ventures.
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