Digital payments have accelerated in the Indian market, driven first by demonetization in India and followed closely by the pandemic.
“Originally embraced by retail consumers, the user experience left even discerning businesses looking for quick fixes that could be just as easy to use in a business environment” Hemant Vishnoico-founder of InKash, said PYMNTS. “Innovations in this space followed immediately after.”
EnKash, an India-based all-in-one expense management platform and corporate card company, was ready to meet this demand as it had already moved in this direction, believing that digitization in this space would be necessary for any growing economy.
These macro trends have accelerated the widespread adoption of the company’s smart product solutions, and investors have taken notice. On April 4, EnKash announced that it had raised $20 million in Series B funding.
See also: Indian expense management platform EnKash raises $20m in Series B
Respond not only to a “need”, but to a “want”
Small and medium-sized enterprises (SMEs) across all industry segments use the platform to boost operational efficiency, avoid costs, and increase savings.
Vishnoi said that expense management not only deals with expense management, but also provides a holistic view of all types of business payables, receivables, and expenses, as well as insights and analytics.
Too many businesses have relied too long on multiple disjointed platforms, ranging from rudimentary spreadsheets to function-specific applications that don’t communicate with each other. The lack of a single source of transactional truth leads to delayed decisions and unachieved business outcomes.
“It transformed the ‘need’ for an intelligent expense management platform into a real ‘desire’ and provided the necessary impetus for the demand, and therefore the adoption, of such platforms”, Vishnoi said. “Businesses today, whether digital natives or digital primitives, want to move in the direction of digital transformation.”
Discover the potential of data
When companies adopt a platform that unifies corporate maps and expense management, they discover the power of data. The EnKash platform not only presents this data, but also enables actionable insights.
It combines this with user workflows, real-time reporting, spend analytics, smart limit allocation, end-use monitoring, reconciliation, and goal-based maps. With real-time access to everything that’s happening with their budgets, businesses can make more informed decisions.
“With the entire program and spend management under their control, organizations felt much more secure and empowered to drive adoption within their teams,” Vishnoi said. “Benefits like complete control, transparency, convenience, audit trails, and DIY program management are what almost all customers really appreciate today.”
Read more: Mastercard and the EnKash team to expand the use of commercial cards in India
Innovate around the world
Vishnoi said businesses around the world are facing a lack of product awareness and accessibility, for both financial and non-financial products.
After a decade in which most innovation has focused on consumer payments and the associated merchant acquirer side, and in which the B2B financial space has lacked interest, many solution providers have emerged.
“The global markets and the Indian market are running in parallel for the first time in history when it comes to introducing new products,” Vishnoi said. “Innovations in this space began for almost the same reasons across the world and will continue over the next decade.”
EnKash will use its most recent funding round to create financially and non-financially scalable products and services.
“We will continue to lead the space with innovative offerings around Banking-as-a-Service, expanding our plug-and-play card issuance stack and intend to expand our geographic presence on the frontline. internationally,” Vishnoi said.