Recko, an AI-powered reconciliation of digital transactions service, has scored $6m in its Series A round which was led by Vertex Ventures.
Prime Venture Partners also contributed to the round.
Capital from the round will be used to deepen product development, increase hiring efforts and boosting its presence outside of India.
The FinTech company offers a SaaS-based financial reconciliation solution which keeps track of the whole transaction lifecycle and commercial contracts for organisations. Its technology automates reconciliation and enables data to be traced throughout the entire transaction cycle. It achieves this by connecting to payment gateways, banks and merchant’s order management systems through APIs to help track receivables and identify settlement discrepancies.
Finance teams can ingest and enrich multiple data sources as well as reduce manual work by between 50% and 80%, it claims.
Founded in 2017, the company claims to have reconciled transactions worth a total of $5bn. The company is hoping to reconcile transactions worth $10bn by the end of the year.
Recko CEO and co-founder Saurya Prakash Sinha said, “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. 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.â€
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