In a Series A round led by Vertex Ventures SEA and India, Recko, an enterprise fintech start-up, has raised $6 million. Multiple investors, of Prime Venture, also participated in the round. The new funds will be utilized in building up the product further, recruiting and growing presence outside India.
Established in 2017 by Saurya Prakash Sinha and Prashant Borde, the organization has manufactured a Software as a Service-based monetary related compromise product to follow transaction and business contracts for organizations. It tallies likes of Grofers, Meesho, and Dunzo among its clients.
Bengaluru-based Recko is an automated reconciliation and permits data to be traced throughout the transaction cycle. How it does this is, by getting associated payment gateways, banks, and merchant’s order management systems through application product interfaces (APIs). This assists clients to track and recognize transactional discrepancies.
Since initiation, the organization has reconciled exchanges worth $5 billion and the arrangement is to reconciled $10 billion worth of simply digital exchanges before the finish of 2020.
According to their growth plan,the organization has additionally begun to work with different banks, non-banking money-related organizations and those in the protection space, and is at present running pilots with them.
Sinha says, “When we began, we did as an extra compromise stage; for instance, if you go to Dunzo, many individuals would make exchanges and following two-three days, they would be receiving a lump sum credited to their bank account, that is where we come in and guarantee that they have gotten the correct cash at the right time with the correct set of charges. At that point, our customers began to inform us that we have a variety of channels, so then we began including various streams, for example, money down, aggregators, and so on, with the goal so that’s the place we stand at the present time.”
To know more visit – https://www.recko.io/
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