Enkash, a B2B fintech has raised $20 million in a new funding round led by Ascent Capital in collaboration with Baring India Private Equity Partners and White Venture, backed by fintech entrepreneur Amrish Rau and Jitendra Gupta.
Enkash is engaged in a payments management platform for enterprises like issuing corporate cards. It has planned to use the raised funds to expand its offerings around banking-as-a-service, scaling up its ‘plug and play’ cards issuance stack and its geographical presence. Enkash endeavors to offer enhanced experience and accessibility of financial and non-financial products for businesses.
The fintech firm is targeting MSMEs and businesses that report between Rs 10 crore and Rs 1,000 crore that is not served by bigger banks or neo-banks. Commenting on the fund raised, Hemant Vishnoi co-founder said, “We intend to make our presence globally, especially in the 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.”
