Kasha Enterprise: Voucherised Payments
One-to-many disbursements with near-zero barriers. No sender KYC. Multi-currency. The B2B2B acquisition engine.
1. The Product
Kasha Enterprise = Voucherised Payments. One-to-many disbursements with near-zero barriers for both senders and recipients. Built on the v2 Mass Payout engine, Enterprise enables organisations to distribute funds at scale — without requiring sender KYC, complex integrations, or recipient bank details upfront.
How It Works
- Organisation creates payout batch — via CSV upload, REST API, or the Kasha dashboard. Define recipients, amounts, currencies, and delivery method.
- Recipients receive a voucher — delivered via email, SMS, or WhatsApp. Each voucher contains a unique claim link and payout details.
- No sender KYC required — recipients claim funds via simple identity verification. The sender organisation is pre-verified once during onboarding.
- 1-year voucher lifecycle — unclaimed vouchers after 12 months generate breakage revenue (historically 3–5% of total volume).
- Multi-currency support — CHF, GBP, BRL, EUR at launch. Additional currencies via Adyen rail expansion.
- Tax rules engine — automated withholding tax calculation, cross-border compliance handling, and jurisdiction-specific reporting.
Key differentiator: Traditional mass payouts require both sender and recipient to complete KYC. Kasha’s voucher model shifts the friction to a lightweight recipient-side claim, making it viable for one-off payees, international contractors, and ad-hoc disbursements where traditional rails fail.
2. The B2B2B Play
THE critical strategic insight. Enterprise isn’t just a revenue product — it’s an SMB acquisition engine. Every Enterprise payout creates a touchpoint with a potential Kasha SMB merchant.
The Mechanic
- Enterprise client pays 50 suppliers via Kasha
- Each supplier receives payout, sees the Kasha ecosystem
- “You just got paid through Kasha — want to accept TWINT too?”
- Supplier signs up for Kasha SMB — zero CAC
The Numbers
Payee-to-SMB conversion rate
5–15 Enterprise clients × 200–1,000 payees each = 1,000–15,000 touchpoints
At 3–5% conversion = 50–150 new SMB merchants at zero acquisition cost
Enterprise direct revenue: ~CHF 100K/year. But the indirect value of 50–150 zero-CAC SMB merchants (worth CHF 50–150K/year in SMB revenue) makes Enterprise one of the highest-ROI products in the portfolio.
3. The Voucher Lifecycle
Five Stages
| Stage | Description | Status |
|---|---|---|
| 1. Created | Payout batch submitted by organisation. Vouchers generated with unique claim codes, amounts, and recipient details. | Pending |
| 2. Sent | Voucher delivered to recipient via email, SMS, or WhatsApp. Delivery confirmation tracked. | Delivered |
| 3. Claimed | Recipient clicks claim link, completes lightweight verification (name, date of birth, or ID). Funds are reserved. | Active |
| 4. Settled | Funds transferred to recipient’s chosen payout method (bank transfer, wallet, or card). Reconciliation record created. | Complete |
| 5. Expired | Unclaimed after 12 months. Funds returned to organisation or retained as breakage revenue per agreement. | Breakage 3–5% |
Key Advantages
No Sender KYC
Organisation onboards once. Individual payouts require no additional sender verification — dramatically reducing friction for high-volume disbursements.
Full Audit Trail
Every voucher tracked from creation through settlement or expiry. Real-time dashboards, webhook notifications, and downloadable reconciliation reports.
Multi-Currency
Send in CHF, receive in BRL. Send in EUR, receive in GBP. Cross-border FX handled automatically with transparent rates and no hidden markups.
4. Use Cases
| Use Case | Typical Volume | Description | Priority |
|---|---|---|---|
| Supplier Payments | CHF 100–500K/mo | Regular payments to vendors, suppliers, and service providers. Replaces manual bank transfers and Excel-based tracking. High B2B2B conversion potential. | Primary |
| Employee Rewards | CHF 10–50K/batch | Bonuses, incentive payouts, and recognition programmes. One-off or recurring. Voucher format ideal for non-payroll disbursements. | Primary |
| Insurance Claims | CHF 50–200K/batch | Fast claims settlement without requiring claimant bank details upfront. Voucher claimed when recipient is ready. Reduces settlement cycle time. | Primary |
| Affiliate & Partner Payouts | CHF 20–100K/mo | Commission payments to affiliate networks, referral partners, and channel partners. Multi-currency support critical for international programmes. | Secondary |
| Contractor Payments | Variable | Freelancer and contractor payments across borders. No need for contractors to share bank details — voucher claim handles payout method selection. | Secondary |
| Event Prizes | CHF 5–50K | Hackathon prizes, competition winnings, conference speaker fees. One-off batches with international recipients. Voucher format eliminates bank detail collection. | Secondary |
| Grant Disbursements | CHF 50–500K | NGO and foundation grant payments. Multi-jurisdiction compliance handled by tax rules engine. Full audit trail for regulatory reporting. | Tertiary |
| Customer Refunds | CHF 10–100K/mo | Bulk refund processing for e-commerce, travel, and subscription businesses. Faster than card reversals with better customer experience. | Tertiary |
5. Technical Architecture
Kasha Enterprise is built on the v2 Mass Payout engine — a ground-up rebuild designed for scale, multi-tenancy, and extensibility.
Payment Infrastructure
- Adyen payment rails — 200+ countries, 150+ currencies, local acquiring where available
- Multi-currency engine — real-time FX, transparent rates, auto-conversion
- Tax rules engine — withholding tax calculation, cross-border compliance, jurisdiction-specific logic
- Reconciliation engine — automated matching, exception handling, downloadable reports
Integration & Access
- REST API — full programmatic access for batch creation, status queries, and webhook management
- Dashboard — web UI for manual batch creation, monitoring, and reporting
- Webhooks — real-time event notifications for voucher state changes (sent, claimed, settled, expired)
- Multi-tenant — isolated environments per client with role-based access control
CSV → API migration path: Clients start with CSV uploads via the dashboard (zero integration effort), then graduate to API integration as volume grows. This eliminates technical barriers during the sales process and accelerates time-to-first-payout.
6. Pricing
Revenue Streams
Per-Payout Fee
Percentage of each payout amount. Tiered by monthly volume. Primary revenue driver.
Breakage Revenue
Unclaimed vouchers after 12-month lifecycle. Retained per client agreement. Passive income stream.
Subscription
Monthly platform fee. Tiered by features: dashboard access, API keys, SLA level, dedicated support.
Cross-Border Fee
Additional fee for international payouts requiring FX conversion. Covers Adyen rail costs and margin.
Volume Tiers
| Monthly Volume | Per-Payout Fee | Typical Client Profile |
|---|---|---|
| Up to CHF 100K | 1.5% | Early-stage, low-volume clients. Employee rewards, event prizes, ad-hoc disbursements. |
| CHF 100K – 500K | 1.0% | Mid-market clients. Regular supplier payments, affiliate programmes, contractor payouts. |
| CHF 500K – 1M | 0.75% | Enterprise clients. High-volume supplier payments, insurance claims, grant disbursements. |
| CHF 1M+ | 0.5% | Strategic accounts. Custom SLA, dedicated support, bespoke integration. Negotiated terms. |
7. Competitive Landscape
| Competitor | What They Do | What They’re Missing |
|---|---|---|
| Traditional Bank Transfers | SEPA/SWIFT batch payments via corporate banking portals. Well-understood, trusted by CFOs. | Requires recipient bank details upfront. No voucher lifecycle. No breakage revenue. No B2B2B acquisition loop. Slow for cross-border. |
| PayPal Mass Payments | Batch payouts to PayPal wallets. Global reach, brand recognition. | Recipients must have PayPal accounts. High fees (2–5%). No voucher model. No Swiss compliance expertise. No SMB acquisition engine. |
| Wise Business | Low-cost international transfers. Transparent FX. Batch payment API. | No voucher lifecycle. No breakage revenue model. No B2B2B play. Requires recipient bank details. Limited Swiss entity support. |
| Payoneer | Cross-border payments for marketplaces, freelancers. Strong in emerging markets. | Marketplace-centric — not designed for corporate disbursements. No voucher model. No tax rules engine. No Swiss market focus. |
| Tipalti | AP automation and mass payments. Strong mid-market presence. Tax form collection. | Heavy implementation (6–12 weeks). US-centric tax logic. No voucher/breakage model. No B2B2B acquisition. Overkill for simple disbursements. |
| Manual / Excel | Spreadsheets, individual bank transfers, email-based tracking. Still common in SME segment. | Everything. No automation, no audit trail, no compliance, no scalability. Error-prone. Time-consuming. The status quo Kasha replaces. |
Nobody else combines: no-sender-KYC + voucher lifecycle + breakage revenue + B2B2B acquisition engine + Swiss compliance + multi-currency + tax rules engine. Kasha Enterprise occupies a unique position in the market.
8. Acquisition Strategy
Lean team, focused channels. No enterprise sales army — instead, leverage existing relationships, inbound from the SMB base, and targeted outreach to CFO/finance decision-makers.
Channel Mix
- CSP referrals — Channel Service Partners already selling Kasha SMB refer Enterprise-fit clients upward. Referral commission on first-year revenue.
- Inbound from SMB base — Existing Kasha SMB merchants who need to disburse (not just receive). Natural upsell path.
- Content marketing — Targeting CFOs and finance teams. “The hidden cost of manual payouts” — SEO, LinkedIn articles, case studies.
- LinkedIn outreach — Direct outreach to CFOs, Heads of Finance, and AP managers at 500–5,000 employee companies in Switzerland.
- Bexio partnership — Integration with Switzerland’s leading SME accounting software. “Pay your suppliers from Bexio via Kasha.”
- Finance events — 1–2 targeted events per year. Swiss Finance Forum, Fintech conferences. Speaking slots over booths.
Sales Motion
- Target: 5–15 clients by end of 2026
- Pace: 1–2 new clients per quarter from Q2 2026
- Sales cycle: 4–8 weeks (shorter than typical enterprise because CSV onboarding requires zero integration)
- Decision maker: CFO or Head of Finance
- Champion: AP Manager or Finance Operations
- Proof of value: Free pilot batch (up to CHF 10K) to demonstrate speed and simplicity
- Land and expand: Start with one use case (e.g., supplier payments), expand to others (rewards, refunds) over time
Enterprise sales ≠ enterprise complexity. The CSV-first approach means clients can run their first payout batch within 24 hours of signing. No 6-month implementation. No IT project. Just upload, send, done. This is the key to a short sales cycle with a small team.
9. Revenue Projections
Year 1 (2026) — Conservative Estimates
| Revenue Stream | Estimate | Assumptions |
|---|---|---|
| Payout Fees | ~CHF 45–60K | 5–15 clients × CHF 50–200K/mo avg volume × 0.75–1.5% blended rate. Ramp from Q2. |
| Subscriptions | ~CHF 40–50K | 5–15 clients × CHF 499–2,500/mo. Mix of Starter and Professional tiers. |
| Breakage | ~CHF 5–10K | 3–5% of total volume unclaimed after 12 months. Partial-year effect in Year 1. |
| Cross-Border Fees | ~CHF 5–10K | Estimated 20–30% of volume is cross-border × 0.5–1.0% fee. |
| Total Direct Revenue | ~CHF 100–130K | Sum of all direct revenue streams. |
| B2B2B SMB Value (Indirect) | ~CHF 50–150K | 50–150 zero-CAC SMB merchants × ~CHF 1,000/year avg SMB revenue. Indirect — accrues to SMB P&L. |
Combined Year 1 value: CHF 150–280K when accounting for both direct Enterprise revenue and the indirect SMB revenue generated through B2B2B conversion. Enterprise is a profit centre and an acquisition channel simultaneously.
10. Risks & Mitigations
| Risk | Likelihood | Impact | Mitigation |
|---|---|---|---|
| Long sales cycle | Medium | Medium | CSV-first onboarding eliminates IT dependency. Free pilot batch reduces procurement friction. Target finance ops champions, not IT. |
| Low B2B2B conversion | Medium | High | Optimise voucher claim experience with clear SMB CTA. A/B test conversion messaging. Even at 1% conversion, the channel is still ROI-positive vs paid CAC. |
| Regulatory changes | Low | High | Tax rules engine designed for jurisdiction-specific logic. Legal review per market. FINMA alignment on voucher classification. Compliance-first architecture. |
| Breakage estimates too high | Medium | Low | 3–5% based on gift card/voucher industry benchmarks. Even at 1–2%, breakage is incremental revenue. Not a core dependency in the business model. |
| Bank competition | Low | Medium | Banks lack voucher lifecycle, breakage model, and B2B2B mechanics. Slow to innovate on disbursement UX. Kasha competes on speed and simplicity, not price. |
11. Roadmap
| Phase | Timeline | Milestones |
|---|---|---|
| Foundation | Q1 2026 |
|
| First Clients | Q2 2026 |
|
| Scale | Q3 2026 |
|
| Maturity | Q4 2026 |
|
| Expansion | 2027 |
|
The 2026 goal is clear: 5–15 paying Enterprise clients generating ~CHF 100–130K in direct revenue, while feeding 50–150 zero-CAC merchants into the Kasha SMB funnel. Enterprise is the bridge between “payment processor” and “financial ecosystem.”
Kasha Enterprise GTM Strategy · February 2026 · Kasha.io · Confidential