Eko builds a simple SMS-based mobile banking product that uses a numerical interface and a paper-based, RSA-like verification system to serve the unbanked. Accounts are backed by the State Bank of India and ICICI Bank and are distributed via a network of trusted corner grocers who act as local tellers. The business processes largely low-value transactions and reported $270 million in transactions in a recent twelve-month period. Eko says it has grown to more than 900,000 accounts, nearly 2.3 million transactions and about 1,300 agents after shifting to a more hands-on agent management model. That shift produced as many as ~20,000 new accounts per month at one point. The company has had support from organizations such as the Gates Foundation and the World Bank, and founder Abhishek Sinha personally funded much of the early journey. Eko’s stated challenge and focus remain achieving the scale needed to roll out more broadly across India.

Total raised

$6M

Funding rounds

1

Latest round

Equity

Latest activity

Jul 2011