Eko, fintech firm which is into domestic remittance, has forayed into the lending ecosystem by creating ‘first time credit’ module for sellers.
The advancements in technology are pushing companies to ‘go digital’ for continued survival in the market.
By dispensing close to $1 billion of loans with flexible repayments infrastructure, the company wants to provide affordable capital and AI-backed services to MSMEs, allowing them to instill digital transformation within their operations.
How it works
The fintech platform uses the ‘micro-credit approach’ in its services and designs them to fulfill the same. Its daily repayment infrastructure capability allows sellers to repay loans daily in part or full. They can use this credit to boost their business and serve more customers using Eko’s platform or outside of it, it said in a press release.
Abhishek Sinha, Co-Founder, Eko, said, “A World Bank study estimates a $380 billion financing gap for small and medium businesses in India. Given their role in the country’s development, something needs to be done to empower MSMEs to achieve their true potential.”
Eko is strengthening its team with more hiring in the data science, product and engineering teams, corroborated by technology investments to do multiple lender-agnostic and lender-specific integrations, it added.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)