Enkash, a corporate expense management startup, announced it has raised $20 million in a new round of funding, led by Ascent Capital along with Baring India Private Equity Partners and Singapore-based White Ventures, according to ETtech report.
Existing investors Mayfield India and Axilor Ventures also participated in the funding round. The fintech startup operates a payments management platform for enterprises like issuing corporate cards.
The startup plans to utilise the capital to expand its offerings around banking-as-a-service, scaling up its ‘plug and play’ cards issuance stack and its geographical presence.
“We intend to make our presence globally, especially in MENA (Middle East/North Africa) and Southeast Asian countries with the current investment…most of the investment will also go into product and technology development and hiring and scaling up in India,” said, cofounder Hemant Vishnoi.
The corporate expense management market in India is pegged at $5 billion, Vishnoi said. “We will also expand further in capturing the market in India,” he added.
“On the non-financial side, we have started something called the rewards points where we make sure special discounts are being offered to Enkash customers. And there are other products that are in the beta stage,” Vishnoi added.
Enkash’s average ticket size is about Rs 10-12 lakh for Buy Now Pay Later (BNPL) spends, while normal spends are clocked at around Rs 5-6 lakh. The average annualised spend rate of Enkash is around $2 billion.
Enkash has around 70,000 businesses and 500,000 issued cards. It previously raised $3 million, led by Mayfield and Axilor Ventures in Series A funding in 2019. The company was seed-funded by Axilor Ventures.
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