Credit and finance for MSMEs: Enkash’s payment aggregator license announcement comes a day after fintech companies BharatPe and Hitachi Payment Services announced getting the in-principle RBI’s approval for their payment aggregator licenses.
Credit and finance for MSMEs: B2B payments platform EnKash on Wednesday said it has received in-principle approval from the Reserve Bank of India (RBI) for a payment aggregator license. Founded in 2018, EnKash said the license will help it “broaden its product offerings to millions of businesses for digital transactions.” The company helps businesses optimise their spending by managing all their finances in one place and reducing the time taken in making payments like utility, GST, bill payments, etc.
Yadvendra Tyagi, Founder, EnKash said the RBI’s in-principle approval 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 their payable and receivable and make necessary actions around payments.”
The company said it has helped over 1 lakh businesses to digitize and decentralize their corporate payments since its launch and has issued more than 8 lakh Corporate Cards that offer a range of business spends like travel, subscriptions, marketing, GST, procurement, and more.
Enkash had raised $20 million in a Series-B funding round led by Ascent Capital with participation from Baring India, White Ventures & existing investors in 2022. In the past, it had raised $3 Million from Mayfield India and Axilor Ventures. The company plans to further scale up its banking infra products with plug-and-play cards issuance stack, CardX, and expand its geographical presence on the international front.