EnKash has raised $3M recently. We talked with Hemant Vishnoi, its co-founder.
PetaCrunch: How would you describe EnKash in a single tweet?
Hemant Vishnoi: EnKash is a next generation FinTech focussed on Corporate Credit Card & Digital Banking Services for SMEs & StartUps. Our innovative offerings provide not only provide financial solutions but also helps in bringing operation & cost efficiencies in the entire value chain. Innovation Startup building products and services to serve the needs of the B2B Enterprises. We provide financial solutions to SMEs, Startups as well as Big Enterprises. Our offerings include Corporate Credit Cards and New Age Digital Banking.
PC: How did it all start and why?
HV: EnKash is the brainchild of three of us (me, Yadvendra Tyagi and Naveen Bindal) and we have a combined experience of over 50+ years in the cards and payments industry. All three of us started our professional journey when digital payments was still evolving in customer to business or customer to customer space. With our deep understanding & strong experience, we realised that businesses are still facing multiple challenges when it comes to short duration credits, access to corporate cards, broken processes in payable & collections. Thus, we brought India’s First Corporate Credit Card for SMEs & StartUps along with Digital Banking Services for the businesses of all shapes & sizes. Our products offer one of the best solutions on corporate credit cards & automate payable & collections processes of businesses. We all have had different types of work experience in various organisations which contributed towards our growth of becoming focused and evolved professionals with a deep understanding of the payment card industry.
Prior to Enkash, we have held senior leadership positions, I have been with Citrus Pay, MoneyGram and First data India and ICICI bank, Naveen has been Citrus Pay too, and worked with CitiBank and DBS bank in Singapore, while Yadvendra too was with Citrus Pay, and earlier stints involved roles at RuPay, HDFC and Global Blue. After having spent nearly 20+ years in the cards and the payments industry, we were convinced that India is gearing towards an ecosystem of businesses and since these business would be diverse, they all would have financial services needs, which we were confident the traditional banking system would not be able to cater to and thus Enkash was born with a single aim to offer innovative financial solutions. We realised that the Business to Consumer problems were being addressed by many, but the B2B payments and businesses, which pays to their supplier or collects money from their buyers, face a lot of financial problems.
We at Enkash have created solutions where all suppliers, their clients and their internal systems like Tally, SAP, Oracle etc are all connected on our platform, which allows the business to use our services to streamline their payments & collections. We also have launched India’s First Corporate Credit Card, “The Freedom Card”- which would offer SMEs and Startups the freedom to avail credit facility for immediate needs and allows them to manage their financial liquidity.
PC: What have you achieved so far?
HV: EnKash in last 2 years have brought different stakeholders on common platform and have been able to be integral part of payments processing for businesses to their core & non-core payments. With stellar team, EnKash will be bringing new products & solutions to serve these thousands of businesses. We are today witnessing phenomenal growth with over 50,000 businesses already on board, who are using our products, adopting technology enabled solutions and thus improving their productivity and efficiency through a payments mechanism which till now was accessible only to businesses of a certain size.
PC: How will you use your recent funding round?
HV: We received our Series A funding ($3m) earlier this year (April 2019) from Mayfield India and Axilor. The funds are primarily will be deployed for building solid team, leadership hiring, heavily investing in products & tech stacks. We have got strong team and the team is aggressively working for our next big jump.
PC: What do you plan to achieve in the next 2-3 years?
HV: We intend to become largest player in Corporate Credit Cards space for SMEs & StartUps. Initial response has been very great which shows businesses want such kind of solution. It’s the matter of deep reach & penetration in the market. Same goes when businesses want to have superb experience while availing banking services. We have one of best UI & UX and super flexible APIs with which banking can be availed on the go.
