Eko processes remittances worth Rs 4,500cr in FY17

Gurgaon-based fintech firm Eko processed remittances worth Rs 4,500 crore in the last fiscal ended March.

The company said the remittances value grew by 82 per cent year-on-year.

Through integrations with API (application programme interface) partners and merchants, Eko enables its merchants to remit money to several locations in India, Eko said in a release.

There was a tremendous growth in Delhi, Gujarat, Maharashtra, Karnataka, Haryana, Andhra Pradesh and Punjab especially in locations that have a significant migrant population, it said.

"Unlike most digital wallets which are converting digital money in credit/debit card and online banking into another form of digital money, Eko converts cash to digital money. Our target segment has a huge need to remit money back home from urban cities to smaller cities and town," Abhinav Sinha, Co- founder and Chief Operating Officer, Eko India Financial Services said.

The company has transacted over Rs 20,000 crore over last 10 years with a registered customer base of 1.5 crore at some 20,000 merchant points.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)