In a significant move, fintech startup EnKash has achieved a major milestone by obtaining the final approval from the Reserve Bank of India (RBI) to operate as a payment aggregator under the brand name ‘Olympus.’ With this approval, EnKash aims to propel innovation in the realm of business-to-business (B2B) payments.
The fintech startup had previously secured in-principle approval from the central bank for the payment aggregator license in January of this year. The RBI introduced the payment aggregator framework in March 2020, requiring all payment gateway operators to obtain a license to acquire merchants and deploy digital payment solutions.
Yadvendra Tyagi, Co-founder of EnKash, expressed excitement about the final approval, stating, “We are thrilled to have received approval from the Reserve Bank of India, making us the first new applicant in the cohort. This affirms our unwavering commitment to maintaining regulatory standards and highlights the significance of our role in advancing the industry.”
Founded in 2017 by Naveen Bindal, Hemant Vishnoi, and Yadvendra Tyagi, EnKash operates a spend management platform that enables enterprises to manage payables, receivables, and expenses. The startup claims to have issued over 8 lakh corporate cards and has played a pivotal role in aiding more than 2,50,000 businesses in digitizing and decentralizing corporate payments.
EnKash’s most recent funding round was in April of the previous year, where it raised $20 million in a Series B round led by Ascent Capital. The total funding raised by EnKash to date amounts to $23 million, with backing from investors such as MayField India, Baring India, and Axilor Ventures.
This development aligns with recent news about other fintech startups, including Razorpay, Cashfree Payments, and neobank Open, receiving final approval from the RBI to operate as payment aggregators. The RBI has granted in-principle authorization to 37 existing payment aggregators, including Zomato and Infibeam Avenues, and given in-principle approval to around 24 payment aggregators while returning applications from over 60.
