Eko Grows Agent Network Tenfold Through Open APIs

Eko India is a fintech company founded by brothers Abhishek and Abhinav Sinha in 2007. Its core business model uses agents to offer customers, who pay cash over the counter and remittance services provided by banks and other services providers.

Eko used open APIs to become a platform business, which enabled it to expand at considerably lower operational cost than its traditional agent business would have. Importantly, its new platform generated four times more revenue than its previous business model did.

Intrigued by the Eko story, CGAP met with its leadership to take a closer look at how Eko leveraged open APIs as a key part of its business transformation to connect its platform with over 300 third-party businesses.