Fintech startup Enkash secures $20 M, led by Ascent Capital

Enkash, a corporate expenditure management firm backed by fintech entrepreneurs Amrish Rau and Jitendra Gupta, has acquired $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 the startup, existing investors Mayfield India and Axilor Ventures also contributed to the round. They contributed USD 3 million to the company’s series A fundraising round in 2019.

“We intend to cut short the cycles of manual work and processes while offering products and services in a completely DIY mode on our platform. The customer should not be hassled with multiple platforms, banking portals, and manual coordination to get the right product,”

Naveen Bindal, Co-founder of EnKash.

Axilor Ventures provided seed funding for the startup. EnKash has collaborated with SBM India to expand its card issuance business and has formed strong relationships with ICICI Bank, Axis Bank, HDFC Bank, and SBI.

According to the startup, it currently processes annualized spending worth roughly $2 billion on its platform, which serves 70,000 enterprises. It has distributed almost 500,000 cards.

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