Vertex Ventures ran a round of series funding for the Enterprise FinTech start-up Recko Software Pvt Ltd as it has raised $6 million in Series A funding as per the reports.
Prime Venture Partners who are existing already also took up participation in this round of funding. The Bengaluru based company states that the fund received by the Series A funding will be put to various uses like hiring of employees for the company, making the presence out of India and majorly on the development of the product.
Recko says that the company has reconciled transactions worth $5 billion from the time it was founded which was in the year 2017 as the company enables AI-powered reconciliation of digital transactions.
The Company has now started working with various firms, banks, non banks, financial companies in the present. It was founded by Prashant Borde and Saurya Prakash Sinha.
The product by this start up is a software-as-a-service (SaaS)-based financial reconciliation product. It keeps track of the transaction and its complete lifecycle which involves various tasks and also about the commercial contracts for organisations. The companies like Meesho, Dunzo, Grofers are its customers and there are other market places all over the country across different sectors and industries. Recko is expecting to reconcile transactions around $10 billion in a short time.
Huge volumes of transactional data is been crunched by the Bengaluru based FinTech start up Recko to digitise organisational financial control and building machine learning models which will help to identify anomalies, risk and intelligence around money flow for various companies and organisations.
Saurya Prakash Sinha, CEO and co-founder of Recko states that the problem of Transaction reconciliation is not a new but there is a change in its nature and there is an increase in the volumes of business to consumer data especially in internet companies.