INTRODUCTION OF BUSINESS
Ekko is a B2B2C social impact startup revolutionizing pay delivery to improve financial wellness for Southeast Asian workers. Ekko provides an Earned Wage Access (EWA) service, allowing employees to receive a portion of their salary until they use the EWA service, helping to reduce reliance on short-term, high-cost loans. In addition, It offers financial education content to empower employees with better money management skills, fostering long-term financial stability and well-being.
IMPACT
- Ekko reduces dependence on informal lending, mitigates economic vulnerability, and enhances financial literacy by building a complementary suite of financial wellness tools for low-income workers.
- The majority of low-income workers in Vietnam live paycheck to paycheck, have little to no savings, and find it difficult to access formal financial services when they face a liquidity gap. Ekko helps workers manage cash flow, avoid high-interest loans, and reduce financial stress. Alleviating financial stress through Earned Wage Access (EWA) can have positive impacts on workers' mental and physical health. Financial security leads to stress-free employees, which enhances productivity and, in turn, promotes economic growth.
- Ekko aims to address the financial exclusion faced by many low-income individuals who are often overlooked by traditional banking systems.
