Fintech company Eko said on Thursday it had partnered with NBFCs and P2P lending organizations to facilitate the disbursement of loans worth $ 1 billion (around Rs.7,480 crore) in the country over the next 3-5 years. The company operated in the remittance business and has now expanded into the lending segment. “The platform currently registers more than 50,000 seller registrations each month, targeting a goal of 1 million sellers and a loan portfolio of $ 1 billion over 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 financing gap of $ 380 billion for small and medium-sized businesses in India. By leveraging technology, we aim to become a unique platform for small businesses that welcomes them into the world of credit, ” said Eko co-founder Abhishek Sinha. The company secured two investments of $ 5.5 million in 2011 and $ 1.5 million in 2017 from Creation Investments which it claims have been used to strengthen its research and development and technology framework, among others. The platform said it achieved a turnover of Rs 200 crore in fiscal year 2020. It claims to have a customer base of 35 million end customers and 250,000 merchants at present.
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