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Artificial Intelligence Fintech startup Recko has raised $6 Mn in series A round. Vertex Ventures spearheaded the round with existing investor Prime Venture Partner also taking part in the round. Vertex Ventures is actually the investment arm of the Singapore government owned investment company Temasek.
Recko said that it will use the series A proceedings for investing in the product development, ramping up its team and expanding presence outside Indian market.
The Bengaluru based startup leverages the power of AI to reconcile the complex elements in the digital transaction and thereby helps in streamlining the payment transaction. The three-year-old company claims that it allows firms to handle and monitor enormous volumes of transactional data in the most hassle-free way.
“Transaction reconciliation is not a new problem but the nature and extent of this problem has changed due to rapid digitization 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,” said Saurya Prakash Sinha, CEO & Co-founder, Recko.
“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. As we move forward we intend to build a solid financial platform on which fast growing tech businesses can be built. We are delighted to partner with Piyush and Ben in building Recko together,” Sinha added.
Recko claims that it will witness sporadic growth in coming years since financial institution are finding it difficult to keep track of the complex money flow owing to the huge increase in the digital transactions. By company’s own admission, digital transaction in India is likely to touch $135 Bn in 2023.
Today, along with Recko, scores of fintech startups are using the power of AI to streamline their services. From instant allotment of credit and ascertaining creditworthiness to helping merchants in making instant bill payments, AI has been at the forefront of redefining the fintech sector.
