EnKash Launches Small Business Financial Operations Platform

EnKash has launched a 360-degree full-stack payable, receivable and reconciliation platform designed for small and medium-sized businesses (SMBs).

The new Olympus platform is a plug-and-play solution that seamlessly interconnects accounting and banking software, powered by deep integration, EnKash, a smart spend management platform, said in a Thursday (July 13) press release.

"With the launch of Olympus, we have used our team's experience and expertise to assist [mid-market enterprises] in adopting tech-based solutions," EnKash Co-Founder Hemant Vishnoi said in the release. "Being pioneers with a steep and long learning curve in this space, the team is doing a fantastic job of providing innovative offerings to businesses that lacked experience and accessibility of financial and non-financial products."

The new Olympus is designed as a powerful stack comprising automation, technology and data and is a true do-it-yourself (DIY) platform, according to the press release. The onboarding process is designed to enable businesses to just plug and play without disrupting their existing accounting, policies, processes and banking relationships.

The platform incorporates features such as remittance automation, automated payment entry, invoice delivery, collections and payment reminders, and real-time multi-bank reconciliation to help businesses save on time and effort, the release said.

Olympus also helps organizations mitigate risks and fraud in their business transactions by providing an added layer of fraud detection, per the release. Moreover, it delivers analytics dashboards to help chief experience officers (CXOs) and other decision-makers derive actionable insights from their data.

"It is specially designed to meet accounts payable and accounts receivable automation requirements of [mid-market enterprises] and comes at a feasible price to meet their budgets," Vishnoi said in the release.

The launch of the new platform comes about 14 months after EnKash raised $20 million in a funding round and said it wants to expand both in its home country of India -- where the corporate spend management market is worth $500 billion -- and on a global level.

"The majority of the investment will also go into product and technology development, hiring and scaling up in India," Vishnoi said when announcing the funding round in May 2022. "We will also continue to expand our presence in the Indian market."

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