Indifi Technologies, one of India’s leading enablers for SME funding, has recently associated with money transfer service provider Eko India Financial Services Pvt. Ltd. As a part of the collaboration, Indifi Technologies will enable credit line services to Eko’s cash distributors based on their transactions and trading activities through the portal. Through its partnership with Eko, Indifi aims to significantly accelerate the movement of funds for a massive segment of small and medium-sized cash-based businesses, thereby giving a strong push to its vision of enabling financial inclusion of underserved and unbanked SMEs across the country.
Eko operates one of the largest and the most efficient domestic money transfer services in the country for low- and middle-income segment entrepreneurs, in partnership with leading banks. Through its easy-to-use ‘Connect™’ portal, Eko works with multiple distributors serving as community cashiers for retailers across the country. It transfers money on their behalf to customers, suppliers, dependents in their family, or any other intended recipient. Till date, Eko has serviced more than 40 million customers.
Speaking on the association, Alok Mittal, Co-founder and CEO, Indifi Technologies, commented, “Indifi is committed to simplifying credit access to small and medium-sized entrepreneurs. Our partnership with Eko will further our vision of facilitating financial inclusion for India’s huge SME sector. By providing Eko’s cash distributors with the credit line services, we will also help empower a greater number of retailers across the country to access the company’s simple and convenient money transfer solution.”
Abhinav Sinha, Co-founder, and COO, Eko India Financial Services Private Limited, commented, “The association with Indifi Technologies will help our partners scale up their money transfer activities with the help of a flexible credit line, thus allowing more retailers to boost their business. With Indifi Technologies’ focus on serving the SME sector and Eko’s vision of simplifying payments for the unbanked and underserved segment of entrepreneurs, our combined synergies can significantly help boost the capabilities of several thousand entrepreneurs in the country and stimulate the economy.”
Eko has built a technology-driven retail network which allows relevant stakeholders to run a super-efficient, fast-moving company that generates high ROI for merchants. It does this through its state-of-the-art portal, ‘Connect™’, which comprises a diverse network of retailers, distributors, network partners, and managers offering seamless money transfer and payment services to customers. This network currently consists of 180+ Partners and 100k+ merchants across 150+ cities, and continues to grow exponentially with the addition of 5k merchants each month.