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Fintech start-up Recko, which enables AI-powered reconciliation of digital transactions, has raised about Rs 7 crore ($1 million) in seed funding from Prime Venture Partners. Recko, which has built a SaaS-based reconciliation product that keeps track of the complete transaction lifecycle and commercial contracts for organisations, will use the money to scale the business.
According to a press release, Recko is reconciling a quarter billion transactions annually. In the first 12 months since launch, Recko has reconciled transactions worth $2 billion and is looking to scale this by 10 times in the next year. Its early customers include Grofers, Meesho and some top marketplaces across different industry sectors. Recko automates reconciliation and allows the data to be traced throughout the transaction cycle, which it does by getting connected to payment gateways, banks and merchants' order management system.
Founded in 2017 by serial entrepreneurs Saurya Prakash Sinha and Prashant Borde, Recko has started working with banks, NBFCs and insurance companies and is running pilots with them.
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