Eko eyes facilitating loan disbursals worth USD 1 bn in 3-5 years

Fintech firm Eko on Thursday said it has partnered with NBFCs and P2P lending organisations with the aim to facilitate disbursement of loans worth USD 1 billion (about Rs 7,480 crore) in the country in the next 3-5 years.

The company has been operating in the money remittance space and has now expanded into the lending segment.

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"The platform is currently seeing over 50 thousand sellers sign-ups each month, eyeing a target of 1 million sellers and a loan book of USD 1 billion in the next 3-5 years," the company said in a statement.

The fintech platform uses the 'micro-credit approach' in its services.

"A World Bank study estimates a USD 380 billion financing gap for small and medium businesses in India. By leveraging technology, we aim to become a one-stop platform for small-businesses that welcomes them into the world of credit," Eko co-founder Abhishek Sinha said.

The company secured two investments of USD 5.5 million in 2011 and USD 1.5 million in 2017 from Creation Investments that it said were utilised to strengthen its research and development and technological framework, among others.

The platform said it posted a turnover of Rs 200 crore in the financial year 2020. It claims to have a client base of 35 million end customers and 2,50,000 merchants at present