EnKash secures RBI approval to operate as payment aggregator

Corporate payment solutions provider Enkash has secured regulatory approval from the Reserve Bank of India (RBI) to operate as a payment aggregator under the brand name "Olympus."

"We are thrilled to have received approval from the Reserve Bank of India, making us the first new applicant in the cohort," Yadvendra Tyagi, Co-founder, EnKash said.

"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.

Founded in 2018, EnKash offers services for financial transactions including payables, receivables, expense management, corporate cards, employee rewards, and channel incentive automation solutions. So far, it has raised $23 million from investors such as Ascent Capital, MayField India, Baring India, Axilor Ventures, and Singapore-based White Ventures.

Bengaluru-based fintech startup Open also secured final approval from the Reserve Bank of India (RBI) to operate as a payment aggregator. The company had previously received in-principle approval for the payment aggregator license in 2022.

The RBI has been actively regulating digital banking platforms to safeguard customers, restrict unethical recovery practices, and enhance the security of financial offerings. The RBI lifted a year-long embargo on Razorpay and Cashfree Payments, allowing them to resume online payment aggregator operations and onboard new merchants.

The RBI had issued notices to these companies, instructing them to temporarily pause onboarding new online merchants until they submitted audit reports demonstrating compliance with payment aggregator regulations.