InKash, an all-in-one expense management and corporate card company from India, has launched a card API suite, “CardX”. The suite will come with “plug-and-play” integration that will allow non-fintech/fintech companies and banks/NBFCs to launch their own card/BNPL/rewards programs, hassle-free.
CardX is also designed to be developer-friendly and can enable multiple use cases for credit cards, prepaid cards, and wallets. It comes with a full card management suite and built-in features such as a real-time KYC solution, fraud and authorization checks, rewards management, multiple credit products like EMI, BNPL and funding supply chain management, data and information analysis, among other essentials. Using EnKash’s open API stack, businesses can issue credit and prepaid cards to their customers, users, agents, employees, and others, for their respective use cases.
What differentiates CardX from other players in the global market is its modern low-code stack and innovative solutions around KYC and compliance, which help businesses get to market faster. CardX also comes with a curated set of partners that customers can leverage for their customer communication, operations, and customer service setup. CardX is equipped to allow cards to be launched on any of the global networks and is currently integrated with SBM Bank as a strategic issuing partner, with more banks in the pipeline.
With plans for global expansion into geographies like the US, Europe, and the Middle East, EnKash had raised $20 million in April 2022, in a Series B round of Ascent Capital, Discover India and based in Singapore White businesses. With the launch of CardX, the brand plans to disrupt the global integrated finance market and allow companies to launch their own Fintech product lines.
Speaking of the launch, EnKash co-founder, Naveen Bindal said, “We are excited to enter the ‘Banking Infra Services’ space with the launch of ‘CardX’. The world is poised to see accelerated growth in cards and financial products as customer adoption increases. As an early entrant into the corporate card and expense management space, we bring a wealth of expertise that our clients can leverage to develop their own card and other financial programs. CardX will help companies use a customizable API to grow their fintech product lines. It will also help businesses grow through better reach and customer engagement as they launch their card offerings. We are already seeing strong interest among fintechs and digital market-based businesses to give their customers cards. Our vision is to make launching cards and other fintech products as easy as launching a website.
With CardX, EnKash aims to become the preferred API partner for companies wishing to launch their own fintech offerings, either as a main product or as an additional product line. Their primary target market would be NBFCs, fintechs, consumer internet companies, retail chains, and other consumer-facing industries.