Recko, a Bengaluru-based fintech startup, announced it has raised $6 million Series A funding led by Vertex Ventures Southeast Asia and India. Existing investor Prime Venture Partners also took part in the funding round.
The startup will utilise the current funding towards hiring, product development, and expanding its presence outside India.
Recko was founded in 2017 by serial entrepreneurs Prashant Border and Saurya Prakash Sinha, the platform enables AI-powered reconciliation of digital transactions. It has recently started working with banks, NBFCs, and insurance companies, and is running pilots with them.
The team claims to have reconciled transactions worth $5 billion, and is looking to reconcile transactions worth $10 billion by the end of this year.
Saurya Prakash Sinha, CEO and Co-founder, Recko, said in a press statement, “Transaction reconciliation is not a new problem but the nature and extent of this problem has changed due to rapid digitisation of transactions and massive count of B2C transactions, especially in internet companies. Over the time we have evolved to add COD, logistics, and aggregator reconciliation to make it a complete receivables suite. Right now it is a great time for companies to put systems in place to get ready for the growth when the markets open up.”
Piyush Kharbanda, Partner, Vertex Ventures- Southeast Asia and India, said, “Saurya, Prashant and the entire Recko team are looking to solve a fairly large problem with a world class platform. We are excited to partner with the team and look forward to making reconciliation excel sheets redundant.”
Sanjay Swamy, Managing Partner, Prime Venture Partners, said, “Our decision to invest in Recko aligns with our strength and success in financial services. Recko will further accelerate reconciliation of digital transactions using AI that will enable better experiences and provide greater value to companies going forward.”
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