Eko India Financial Services (Eko), a technology-based platform for financial transactions for micro-entrepreneurs, has raised $3.6m in Series B funding.
According to a report from The Hindu Business Line, Eko received the ₹30 crores ($3.6m) from EXXORE, the family office of Sriram Natarajan.
Founded in 2007, Eko enables digital product brands to tap the next-billion-customer through a platform of embedded-in-the-community micro-entrepreneurs as influencers, facilitators and resellers.
With this capital, Eko plans to expand its network of engaged micro-entrepreneurs and product development.
On its mission of taking banking and financial services to all, Eko has built over 100 services on its platform to cater to all needs a customer has from a bank, and even offered open APIs to truly democratise them.
Eko has served over 50 million customers till date, is available over a merchant network of 1,50,000 customers and enables over 7 million banking transactions a month.
Eko is committed to ever expanding its range of financial services with its mission to take digital economy solutions to the next 500 Million Indians and across developing markets around the world.
Abhishek Sinha, founder and CEO of Eko, said, “This fundraise is an endorsement of our vision to create additional earning opportunities for micro-entrepreneurs across the country. We are excited to have Sriram Natarajan join us as we seek to enable brands to have distribution in tier-two towns and beyond.”
Sriram Natarajan, founder, director and CEO of Molbio Diagnostics, added, “Abhishek Sinha and the Eko team have made a large-scale social impact and created an interesting business model. I believe the platform has the potential to impact the lives of micro-entrepreneurs in India and across the globe.”
Last year, Currencycloud partnered with Quid Global, a single sign on digital ecosystem dedicated to SMEs.
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