EnKash plans to grow spends by 3X-5X by FY25

B2B fintech major EnKash, which received the Reserve Bank of India’s (RBI) payment aggregator (PA) license recently for its Olympus product, plans to expand overall spends by 3X-5X by FY25 from $3 billion in FY23, co-founder Yadvendra Tyagi told FE.

“The company is currently operating and serving more than 250,000 businesses processing $3 billion spends through its platform and is planning to grow 3X-5X by the next financial year,” he said. “EnKash, being a B2B focused fintech, pre-dominantly provides services to corporates which include streamlining their B2B payments, including vendor, supplier, taxes, and utility payments, among other products.

“We not only have a robust pipeline on our existing base but we are also seeing a huge opportunity to cater to the segment we were not able to offer our services earlier. We are looking to grow our business to 3X – 5X from here,” he said.

The company also plans to launch an advanced AI/ML-enabled expense management solution to streamline and automate the expense management process for businesses of all sizes, he added.

EnKash will continue being in the B2B payments and collections space in the long term, Tyagi said, adding that corporates are yet to receive the comfort that retail customers currently have while conducting daily payment transactions.

“In our mind, businesses are the new consumers. They want to send money to vendors, pay rent at the click of a button, and many more, if the company is falling short of cash to pay money, they also want a small loan for payment and so on. In our vision, we would like to cater to all such needs of our business partners,” he said.

RBI’s recent moves like forming a web aggregator framework and fintech repository will also remove any doubts from the minds of people on the sustainability of bank-fintech partnership, he said.

“Banks and fintechs need to work together to provide best-in-class services to end consumers. We have seen Apple and Chase partnership in the US. That happened because Apple had the best tech and Chase was a formidable player in banking. Finally, problems occur when either of the two parties—banks and fintechs—say they own the customer” he said, adding that a customer stays with a company because of best services, and to provide the best services banks and fintechs must come together.

EnKash will return to profitability in December 2024, Tyagi says, as the company has been making money on each transaction.