Eko India Financial Services

bankingtech

FOUNDING YEAR: 2007
LOCATION: India
Last Update: 19/01/2021

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About

Founded by brothers Abhishek Sinha and Abhinav Sinha in 2007, with its patented technology and with money remittance as a core service, it has partnerships with over 11 allied services that assist the typical Indian to make digital transactions in cash, thereby creating a data trail. Through Eko, you can make utility bill payments, recharge for prepaid telephony and prepaid television, make cross-border transfers from India-to-Nepal, buy health and auto insurance, do online shopping and Aadhaar-enabled payment services and MSME lending.Eko enables its merchants to service cash customers with online transaction needs. It has built a high- velocity, small-value, cash collection capability that is already collecting and converting over US$8 million in cash to digital money every day. On this foundation of cash collection capability, Eko is creating a mechanism to serve cash customers on its digital platform.Ekos network extends beyond 100k merchants across 150 Indian cities. As on today, Eko processes over US$230 million in transactions per month and has created Indias largest cash-to-digital network. Through these online transactions and the corresponding data, Eko is empowering its merchants and customers by helping them build a transaction history and credit score. This data trail will help customers to borrow at commercial rates. Through this model Eko has already extended loans in excess of US$150 .

MEDICI Analysis

Eko India Financial Services Private Limited provides mobile-based platform for banking, savings, payment, merchant transactions, bill payment, and cash collection services.

Focus

PRODUCTS & SERVICES

Mobile Banking, Cash Management, Money transfers, Payments - Provides all these services via local merchants who act as agents. Currently the company is focused on developing wallet solutions and apps for consumer money transfer/remittances. (Fundu, an app that allows every user to be an ATM by leveraging NPCI's UPI infrastructure is in the alpha-testing phase) Eko provides a low cost financial transaction alternatives at remote customer locations.

REVENUE MODEL

Eko generates revenue by charging fee for deposits and withdrawal transactions. The fees varies based on the banking partner and type of service provided - varies from 1-2.5%.

MAIN CLIENTS

Consumers and retailers

EXISTING PARTNERSHIPS

NPCI

ICICI bank

Yes bank

SBI

IndusInd

RBL - to power Eko Wallet services. Business Correspondent for SBI and ICICI

as a distribution partner for Bharati AXA Life Insurance. Pine labs - to provide money transfer services at POS. Prabhu Money Group - To provide Indo-Nepal remittance services.

PRIMARY PROBLEM SOLVED

Eko converts cash to digital and enables payments for 11 services provisioned by 23 service provider partners. These include, domestic money transfer, utility bill payments, recharge for prepaid telephony and prepaid television, cross-border transfers from India-to-Nepal, health and auto insurance, online shopping, Aadhar enabled Payment Services and MSME lending. Eko has an open platform and extends APIs, SDKs, widgets, and white-label UI for both service provider partners and network partners to plug into the platform. Over 180 partners, mostly regional networks spread across the country, plug into Eko’s platform to acquire customers (issue Eko wallets) and merchants.

COMMENT

Eko provides banks and customers at remote locations with ways to do financial transactions without requiring to open branches and involving bank staff. Promotes financial inclusion services (targeted to the unbanked and underbanked).

Traction

NUMBER OF TRANSACTIONS:

10 M

TRANSACTIONS VALUE:

$1 M

ACTIVE USERS:

0.1800

company provided insights
Web Traffic

Web Traffic

MONTHLY VISITS

2,042

AVERAGE VISITS (6 MONTHS)

12,897.21

MONTHLY VISITS GROWTH

-70.48%

VISIT DURATION

100

VISIT DURATION GROWTH

281.42%

PAGE VIEWS VISIT

1.31

PAGE VIEWS VISIT GROWTH

-2.51%

BOUNCE RATE

76.56%

BOUNCE RATE GROWTH

-1.06%

GLOBAL TRAFFIC RANK

4,685,959

MONTHLY RANK CHANGE

1,633,792

MONTHLY RANK GROWTH

53.53%

Innovation Programs

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Eko

About

Eko India Financial Services Private Limited provides mobile-based platform for banking, savings, payment, merchant transactions, bill payment, and cash collection services.

Focus

PRODUCTS & SERVICES

Online transactions for ‘cash’ customers — Over 90 percent of India’s population or 1.2 billion people are employed in the informal sector and largely earn in cash. Started in September 2007, Eko has built the largest network to convert cash to digital in India, extending beyond 100k merchants across 150 cities, serving a registered customer base in excess of 40 million. Eko adds 5k merchants and close to a million customers and processes over US$230 million in transactions per month, a figure growing by 6 percent each month since August 2015 when Eko went live with its Prepaid Payment Instrument (PPI) license issued by the Reserve Bank of India. Eko converts cash to digital and enables payments for 11 services provisioned by 23 service provider partners. These include, domestic money transfer, utility bill payments, recharge for prepaid telephony and prepaid television, cross-border transfers from India-to-Nepal, health and auto insurance, online shopping, Aadhar enabled Payment Services and MSME lending. Eko has an open platform and extends APIs, SDKs, widgets, and white-label UI for both service provider partners and network partners to plug into the platform. Over 180 partners, mostly regional networks spread across the country, plug into Eko’s platform to acquire customers (issue Eko wallets) and merchants. Massive lending opportunity: Cash-to-digital-to-data — With over 80 percent of retail transactions in India still taking place in cash, Eko offers a unique proposition to probe the ‘cash’ transactions. Eko converts cash-to-digital and this conversion generates ‘data’ that is captured by Eko and thereafter leveraged for underwriting. Furthermore, Eko utilizes its ‘cash collection’ capabilities to ensure robust repayment. This model, in beta testing mode, has already extended loans in excess of US$150 million to merchants who otherwise lack a formal ‘credit score’. We are targeting over US$2 billion of working capital loans in the next 2 yrs. Eko is also beginning work with partners to extend loans to end customers, a population that is already at 40 million and growing.

REVENUE MODEL

Eko generates revenue by charging fee for deposits and withdrawal transactions. The fees varies based on the banking partner and type of service provided - varies from 1-2.5%.

TOP PROBLEM SOLVED

Eko converts cash to digital and enables payments for 11 services provisioned by 23 service provider partners. These include, domestic money transfer, utility bill payments, recharge for prepaid telephony and prepaid television, cross-border transfers from India-to-Nepal, health and auto insurance, online shopping, Aadhar enabled Payment Services and MSME lending. Eko has an open platform and extends APIs, SDKs, widgets, and white-label UI for both service provider partners and network partners to plug into the platform. Over 180 partners, mostly regional networks spread across the country, plug into Eko’s platform to acquire customers (issue Eko wallets) and merchants.

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

PRIMARY CUSTOMER TYPE

Small and Medium Business - Physical Retail

Small and Medium Business - Online Retail

Consumer

PRODUCT ATTRIBUTES

SaaS

Customer facing

Traction

NUMBER OF TRANSACTIONS:

10 M

TRANSACTIONS VALUE:

1 M

LIVE USERS/TRANSACTIONS:

Yes, in live production

CHANNEL STATUS

MULTIPLE CHANNELS

People

NUMBER OF EMPLOYEES

51-200

BOARD MEMBERS AND ADVISORS:

Abhishek Sinha, Abhinav Sinha, Tanmoy Majumder

INVESTORS:

CGAP

Creation Investments

Promus Equity Partners

UM Social Venture Fund

Momentum

FUNDED

YES

TOTAL FUNDING:

$6.95 M

LISTED

NO

SEED & PRIOR FUNDING

$6.95 M

SEED CLOSED ON

Jun 2018

FUNDING SERIES