EnKash has raised $20 million in a new round of funding from Ascent Capital, Baring India Private Equity Partners and White Ventures. Other existing investors like Mayfield India and Axilor Ventures participated in the funding round. The startup is planning to utilise the funds to expand its offerings around banking-as-a-service, scaling up its ‘plug and play’ cards issuance stack and its worldwide presence.

“We intend to make our presence globally, especially in the Middle East and North Africa (MENA) region and Southeast Asian countries. Most of the investment will also go into product and technology development and hiring and scaling up in India. We will also expand further in capturing the market in India,” co-founder Hemant Vishnoi said.

EnKash is preparing to offer a better experience and accessibility of financial and non-financial products for businesses. “On the non-financial side, we have started something called the rewards points where we make sure special discounts are being offered to EnKash customers. And other products are in the beta stage,” he added. Subhasis Majumder, a partner at Ascent Capital, said that “EnKash has stepped up to normalise access to the best-in-class software and payments. We believe that EnKash is assured to continue leading this growing $500 billion-plus market.”