Vertex Ventures SEA and India has led a ₹42-crore ($6-million) Series A round in enterprise fintech start-up Recko, with participation from existing investor Prime Venture Partners.

Recko, which enables AI-powered reconciliation of digital transactions, will use the money on product development, building the team and expanding its presence outside India.

Saurya Prakash Sinha, CEO and co-founder, Recko, told BusinessLine that with this round the company has raised $7.5 million.

Asked about the fund-raise in a difficult time as this, Sinha said the use-case was valid across all times, especially since companies and businesses were looking to go increasingly digital in their transactions. Companies are using the lockdown due to Covid-19 to improve their processes and going digital was one way of doing it. There was, he said, an accelerated digital transformation of a lot of organisations. Recko’s product helped companies to become more nimble.

He said Recko was doing pilots in South-east Asia and West Asia and was taking baby steps in the US. There were a lot of in-bound enquiries.

Since its founding in 2017, Recko, according to a press release, has reconciled transactions worth $5 billion. It has built a SaaS-based financial reconciliation product that keeps track of the complete transaction lifecycle and commercial contracts for organisations. Its clients include Grofers, Meesho, Dunzo and some leading marketplaces in the country. The company is looking to reconcile transactions worth $10 billion by the end of 2020. (EOM).

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