PRNewswire
Mumbai (Maharashtra) [India], April 9: EnKash, India's pioneering spend management and payments platform, has secured the coveted Prepaid Payment Instrument (PPI) license from the Reserve Bank of India (RBI). Since 2020, EnKash has been the only fintech to significantly scale the corporate card business, issuing over a million cards. While traditionally collaborating with banks for innovative solutions, this license enables EnKash to further enhance its offerings, streamline legacy card-issuing systems, and create more value for both banks and customers.
By combining its Payment Aggregator (PA) license with the new PPI license, EnKash is uniquely positioned to deliver groundbreaking solutions. Prepaid instruments, including cards and wallets, drive over $50 billion (Rs4.2 trillion) in annual Gross Merchandise Value (GMV) in India, digitizing cash management across diverse use cases such as National Common Mobility Cards (NCMC), Domestic Money Transfers (DMT), government wallets for direct benefit schemes, corporate payments, expense management, university and campus payment solutions, subscription wallets, and more.
Speaking on this significant achievement, Naveen Bindal, Co-founder of EnKash, said "India's payments infrastructure is among the world's most advanced and continues to evolve rapidly - yet there's still much to be done. Card issuance and management still take days, if not weeks. Issuance of payment instruments should mirror the 10-minute delivery of quick commerce - why can't we deliver a prepaid card with full KYC in 10 minutes? We're making that a reality."
He further added, "This milestone cements our commitment to creating an agile and compliant financial ecosystem. As businesses increasingly seek seamless digital financial tools, EnKash will continue to lead the charge in delivering smart, scalable, and compliant spend and payment solutions."
A Trusted Partner in the Fintech Ecosystem
Joining fintech leaders like Pine Labs, Razorpay, and PhonePe with both PA and PPI licenses, EnKash partners with banks (HDFC, ICICI, Axis, IDFC, Kotak, Yes Bank) and networks (Visa, Mastercard, NPCI, Amex). Trusted by 5,000+ businesses and 250,000+ network members, EnKash is backed by $23M from Mayfield, Ascent Capital, Baring Private Equity Partners India, Axilor, and WhiteVentures (backed by Amrish Rau and Jitendra Gupta), reinforcing its role as a fintech innovator.
About EnKash
EnKash is India's leading spend management and payments platform, simplifying payments, corporate cards, and expense management. Operational since 2018, it has pioneered fintech innovation with multiple RBI-regulated licenses, including PAPG, BBPOU, and the newly secured PPI license.
Trusted by 5,000+ customers ranging from start-ups to large enterprises, EnKash has processed over a million corporate cards and serves 250,000+ network members. With $23M in funding led by marquee investors such as Mayfield, Axilor, Baring Private Equity Partners India, and Ascent Capital, its financial orchestration suite empowers CXOs with automation, real-time insights, and compliance toolsmaking business finance faster, smarter, and more efficient.
For media inquiries, contact:
Mansi Bhatia
Email: mansi.bhatia@enkash.com
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