Fintech Startup Recko Raises $6 Mn To Streamline Payments Reconciliation

Fintech Startup Recko Raises $6 Mn To Streamline Payments Reconciliation

SUMMARY

Existing investor Prime Venture Partners also participated in the round

Recko cofounder Saurya Prakash Sinha said funds will be used towards product development

The company aims to reconcile transactions worth $10 Bn by 2020 end

Bengaluru-based fintech startup Recko has raised $6 Mn in a fresh funding round led by Vertex Ventures. Recko cofounder Saurya Prakash Sinha said existing investor Prime Venture Partners also participated in the round.

Sinha told Inc42 that the funds will be used towards product development and building the leadership team. The company is looking to hire leaders across functions and is looking to enhance product capabilities.

Prior to this, Recko raised $1 Mn seed funding from Prime Venture Partners in June 2019. The company is also backed by angels such as Taavet Hinirikus (cofounder of Transferwise), Ashish Gupta (managing director, Helion Ventures), Vaibhav Puranik (financial product head for Carta), Shamir Karkal, (founder of Sila Money), Eric Kwan (early Facebook engineer and founding engineer of Operator) and Locus Ventures.

Founded in 2017 by Sinha and Prashant Borde, Recko is a SaaS-based reconciliation product that keeps track of the complete transaction lifecycle and commercial contracts for organisations.

Sinha claims that the company has now reconciled transactions worth $5 Bn with customers such as Grofers, Meesho etc. The company aims to reconcile transactions worth $10 Bn by 2020 end.

Built around the idea of offering financial security to the companies such as ecommerce platforms, insurance providers and banks which typically have a high volume of transactions, Recko aims to automate the entire reconciliation process. Being an independent third-party transaction reconciliation layer, it ensures that each transaction is accounted for and all settlements can be done in a timely manner.

Recko is primarily using technology such as AI models for connecting the payment gateways, banks and merchant order management systems through APIs and helping businesses track receivables and identify settlement discrepancies. To further enhance the capabilities, Sinha told Recko plans to introduce intelligent analytics with its product suite.

The company is planning an expansion into the US market as well and has started a pilot project already. But considering the pandemic, it is slowing down expansion plans while continuing to focus on existing markets such as the Middle East and Southeast Asia. Sinha told us that the company is already running pilots in these countries and aims to do a full-fledge launch this month.

Globally the key players in payment reconciliation market are Autorek, Oracle Corporation, Treasury, Datalog, Cashbook, Adra Software (Trintech), ReconArt, Inc., Fiserv, Inc., among others.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Fintech Startup Recko Raises $6 Mn To Streamline Payments Reconciliation-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Fintech Startup Recko Raises $6 Mn To Streamline Payments Reconciliation-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Fintech Startup Recko Raises $6 Mn To Streamline Payments Reconciliation-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Fintech Startup Recko Raises $6 Mn To Streamline Payments Reconciliation-Inc42 Media
Fintech Startup Recko Raises $6 Mn To Streamline Payments Reconciliation-Inc42 Media
You’re in Good company