EnKash, a spends management platform and corporate cards company, has raised $ 20 million as a part of its Series B round that was led by Ascent Capital with participation from Baring India and Singapore-based White Ventures. Existing investors, Mayfield India and Axilor Ventures has participated in the round.

EnKash has been engaged on unifying playing cards and spend administration platform that options monetary automation instruments, enabling companies to handle payable, receivables and bills on the fly, pushed by a DIY-Platform first strategy.

The fintech firm goals to supply higher expertise and accessibility of monetary and non-financial merchandise for companies. It intends to develop its choices with the infusion of recent capital and roll out new merchandise round banking-as-a-service, scaling up its ‘plug and play’ playing cards issuance stack and plans to develop its geographical presence on the worldwide entrance, as per reports.

Naveen Bindal, co-founder, EnKash says, “Expenses are only a tiny sliver of an organization’s payables and expense administration platform is only one software program. Financial groups additionally must handle statutory funds, provider funds, and payroll and reconcile financial institution accounts, typically in several nations, leading to an awesome quantity of labor. Similarly, account receivables required paper or email-based invoicing, offline collections, and hassled reconciliation”.

“Our goal is to permit the purchasers to avoid wasting time & cash. We intend to chop brief the cycles of handbook work & processes whereas providing merchandise & providers in a very DIY mode on our platform. The buyer shouldn’t be hassled with a number of platforms, banking portals & handbook coordination to get the best product”, adds Bindal.

Subhasis Majumder, companion, Ascent Capital says, “businesses are fighting archaic and disconnected methods to spend, monitor, course of, price range and handle their funds. An issue assertion that resonates universally as evinced by the emergence of resolution suppliers throughout the globe within the final couple of years. Similarly, in India, EnKash has stepped-up to democratize entry to the best-in-class software program and funds. We imagine that EnKash is poised to proceed main this rising $ 500 Billion plus market, on the again of its complete providing, spectacular execution velocity, prudent capital allocation and skilled management crew.”