Fintech firm Enkash launches automated financial solution Olympus

Spend management platform Enkash on Thursday announced the launch of Olympus, which will enable the automation of business payables and receivables of start-ups and small to medium-sized businesses.

The company's Olympus stack aims to empower businesses with efficiency and accuracy in accounting and auditing processes. The tech automates processes associated with transaction entries, bank reconciliation, payment management, collection management, expense tracking, and invoice management.

The company said businesses can onboard themselves with a two-step process 'without disrupting their accounting, policies, processes & banking relationships'.

"As one of the highest contributing sectors to the economy, MMEs (Mid-Market Enterprises) need consistent tech empowerment that makes them efficient in their operations. With the launch of Olympus, we have used our team's experience & expertise to assist them in adopting tech-based solutions," said Hemant Vishnoi, co-founder at EnKash.

The company stated that beta customers reported a 40 per cent improvement in their processes, bringing nearly 50 per cent overall cost savings.

Olympus enables end-to-end AP management using features like remittance automation and real-time automated payment entry into the underlying accounting platform.

"Traditionally, businesses have remained highly underserved, as most enterprise-grade banking solutions are designed based on the requirements and budgets of large enterprises. While large enterprises have automated their accounting, reconciliation, and audits via ERP solutions, mid-market enterprises (MMEs) continue to undertake these processes manually. Much of this dependency on manual work in this segment is caused by the exorbitant prices of ERP solutions. At EnKash, we understand this gap in the market and are committed to innovating tech-first products for the mid-sized business segment," Vishnoi added.

The firm raised $20 million in a Series-B round led by Ascent Capital last year. The funding round saw participation from Singapore-based VC, White Ventures and Baring India. The company raised about $3 million from Mayfield India and Axilor Ventures in a Series-A round earlier.