“Can a single India-licensed platform become the financial OS for Indian SMBs by owning payables, receivables, cards, and embedded wallet infrastructure?”
Founded in 2018 as a corporate-card-based payables platform for Indian businesses, EnKash evolved into a full-stack spend management platform spanning payables, receivables, expenses, and corporate cards. Securing RBI Payment Aggregator and Prepaid Payment Instrument licenses transformed it from a third-party software layer into a regulated payments operator, enabling it to launch its own payment gateway and co-branded wallet-as-a-service offering.
EnKash discloses RBI-licensed partner banks (sponsor model, unnamed) as its banking provider, according to the Embedded Finance Index 2026.
EnKash does not disclose a bank charter of its own; its banking services are provided through RBI-licensed partner banks (sponsor model, unnamed).
EnKash processes payments through EnKash Payment Gateway (self-operated).
EnKash's cards are issued through RBI-licensed partner banks (unnamed), Visa & Mastercard networks and NPCI.
EnKash connects to bank accounts through EnKash Connected Banking (in-house, direct bank integrations).
EnKash integrates with Tally ERP, SAP and Microsoft Dynamics (implied via ERP connectors).
The Embedded Finance Index 2026 maps 6 layers in EnKash's stack: Payments / PSP (EnKash Payment Gateway (self-operated)); Banking / BaaS (RBI-licensed partner banks (sponsor model, unnamed)); Card issuing (RBI-licensed partner banks (unnamed), Visa & Mastercard networks and NPCI); Lending (Affordability Suite (EMIs, BNPL & credit options at checkout)); Open banking (EnKash Connected Banking (in-house, direct bank integrations)); Accounting (Tally ERP, SAP and Microsoft Dynamics (implied via ERP connectors)).
EnKash was founded by Hemant Vishnoi, Naveen Bindal and Yadvendra Tyagi and is founded in 2018, headquartered in Mumbai, India.
EnKash has raised $23M in total.
Get a read on where your own stack stands against EnKash and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.