Eko India Financial Services Private Limited, a mobile banking technology provider and business correspondent (BC) for State Bank of India and India’s ICICI Bank, has raised USD 5.5 million in “growth equity” through an investment campaign led jointly by Creation Investments Capital Management LLC and Promus Equity Partners, two private investment funds based in the US. Eko plans to use the funding to extend its mobile banking platform and increase the number of agents delivering financial services on the ground.
Eko delivers services from third-party banks to individuals and businesses across India, allowing customers to open bank accounts, transfer funds and deposit and withdraw cash. Eko operates small branches within approximately 1,300 retail locations, including grocery stores, telecom shops, pharmacies and cyber cafes. Additionally, Eko develops and markets technology solutions that are targeted at microfinance institutions (MFIs) and other BCs, to help them connect with banks and increase their outreach.
According to Patrick Fisher, CEO and Co-Founder of Creation Investments, “We believe that Eko has best-in-class technology which gives easy, secure, inexpensive and convenient last-mile connectivity to the unbanked, migrant workers and the poor.”
Financial information for Eko is not currently available.
By Rohan Trivedi, Research Associate
About Eko India Financial Services Private Limited:
Eko is an Indian company that provides mobile banking services and technology solutions. As a registered business correspondent (BC), Eko markets financial products and services for State Bank of India and India’s ICICI Bank through retail shops, including grocery stores, telecom shops, pharmacies and cyber cafes. Eko allows customers to setup and use bank accounts for deposits, withdrawals and remittances. In addition, Eko provides technology solutions to support other BCs. Financial information for Eko is not currently available.
About Creation Investments Capital Management LLC:
Creation Investments Capital Management LLC is an alternative investment management company whose mission is to alleviate global poverty by making direct, for-profit investments in organizations that engage in economic development. Creation Investments manages the Creation Social Ventures Fund I, which invests in microfinance institutions (MFIs) in Latin America and Europe. The company is headquartered in Chicago. It does not report financial data to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, and financial information on the firm is not otherwise available.
Sources and Additional Resources:
[1] Press Release submitted by Creation Investments Capital Management to MicroCapital, July 2011
MicroCapital.org story, June 30, 2011: “MICROCAPITAL BRIEF: ImpactAssets Includes 22 Microfinance-Focused Fund Managers in List of Top 50 Impact Investors”, https://www.microcapital.org/microcapital-brief-impactassets-includes-22-microfinance-focused-fund-managers-in-list-of-top-50-impact-investors/
MicroCapital.org story, January 19, 2011: “MICROCAPITAL BRIEF: Creation Investments Social Ventures Fund I Makes Final Close with $32m in Committed Capital”, https://www.microcapital.org/microcapital-brief-creation-investments-social-ventures-fund-i-makes-final-close-with-32m-in-committed-capital/
MicroCapital Universe Profile: Eko India Financial Services Private Limited, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Eko+India+Financial+Services+Private+Limited
MicroCapital Universe Profile: Creation Investments Capital Management LLC, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Creation+Investments+Capital+Management+Limited+Liability+Corporation+%28LLC%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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