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Fintech startup EnKash gets RBI nod to operate as payment aggregator

New Delhi, Dec 20, 2023

After receiving RBI's nod to operate as payment aggregator, EnKash said that it is now poised to bring further innovation to the B2B payment business 

Fintech startup Enkash has secured regulatory approval from the Reserve Bank of India (RBI) to operate as a payment aggregator under the brand name Olympus, the company announced on Wednesday.

Enkash is a spend management platform that enables businesses to automate their payables, digitise receivables, manage expenses and more. Spend management is the process of controlling, optimising, and tracking an organisation’s expenses or spending in order to increase efficiency, reduce costs, and maximise overall financial performance.

Commenting on the development, Yadvendra Tyagi, co-founder of EnKash, said, “This affirms our unwavering commitment to maintaining regulatory standards and highlights the significance of our role in advancing the industry."

"The milestone also underscores our commitment to providing seamless, innovative, and reliable payment solutions, further solidifying our position as a trusted partner for businesses looking to thrive in the digital economy," Tyagi added.

Who else got the payment aggregator licence?

EnKash along with other fintech startups such as Cashfree Payments, OPEN, Razorpay and more were granted payment aggregator licences on Tuesday, December 19.

This came over a year after the RBI had reportedly halted merchant onboarding by some fintechs until they received the final approval, following in-principle approval, to operate as a payment aggregator.

OPEN’s co-founder and CEO, Anish Achuthan, in a company statement on Tuesday said, “This approval not only acknowledges our dedication to regulatory standards but also signifies a significant leap in fortifying our commitment to SMEs. The enhanced capabilities will bolster our financial automation platforms, providing SMEs with advanced tools to streamline their financial operations and thrive in the digital era."

A Cashfree Payments’ spokesperson also said the company is now onboarding new merchants on its payment gateway with the license from the RBI. “We are very excited about this new phase of our journey, where we continue to drive exponential growth and retain our market leadership as the preferred aggregator in the payments space.”

[The Business Standard]

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