Eko Grows Agent Network Tenfold Through Open APIs
December 2020
From 15,000 to 150,000 agents in just three years
Eko India is a fintech company founded by brothers Abhishek and Abhinav Sinha in 2007. Its core business model uses agents to offer customers, who pay cash over the counter and remittance services provided by banks and other services providers. Its target customers are low- and moderate-income earners in urban areas.
When Eko launched, it planned to build its own agent network, which would have been a capital-intensive undertaking. However, as more players entered the market and money transfer services became hypercompetitive, it refocused its business model to better leverage its core competencies, which included (i) an excellent technology platform, (ii) expertise in onboarding and partnering with multiple banks, and (iii) the ability to ensure agent compliance with myriad regulations and bank risk management practices.