Following a USD 1 million seed round from Prime Venture Partners merely two months ago, Bangaluru-based fintech startup Recko said it has just raised an undisclosed amount of additional funding from a cluster of global and Indian investors, as the company is looking to expand its business to international markets, including the U.S.
Some of the angel investors participated in this round include Ashish Gupta, co-founder of Helion Venture, Taavet Hinirikus, co-founder of London-based money transfer company Transferwise, and Shamir Karkal, founder of fintech startup Sila Money, among others.
The two-year-old company said it’s expanding outside its home turf in the next six months. Its artificial intelligence (AI) powered digital transactions reconciliation product helps the likes of enterprises, banks, and financial institutions keep tracks of massive volumes of transactional data through APIs.
Founded by serial entrepreneurs Saurya Prakash Sinha and Prashant Borde, the company claims to have reconciled transactions worth USD 2 billion within a year of its operation in 2018. It counts grocery e-tailer Grofers, social e-commerce company Meesho, a host of multi-industry marketplaces, banks, non-banking financial companies, and insurance firms as its clients.
Recko tracks data needed for reconciliation through the company’s end-to-end transaction cycle and connects to the company’s payment gateways, banks and order management system. It claims to take hours instead of days for full-cycle reconciliation and can save manpower costs by 50-80%. It is upping its product portfolio by incorporating machine learning tools to identify discrepancies in its client’s money flow.
In July 2019 alone, according to the company, it has helped its clients reconcile transactions worth USD 330 million.
A report by Indian industry body Assocham, says digital transactions in India will double from USD 64.8 billion this year to USD135.2 billion by 2023, at a compounded annual growth rate of 20.2% — ahead of China’s 18.5% and US’ 8.6%.