Bengaluru: Recko, a Bengaluru-based enterprise fintech startup that enables AI-powered reconciliation of digital transactions, announced on Thursday it has raised $6 million in Series A funding.
The investment was led by Vertex Ventures SEA and India, and saw participation from existing investor Prime Venture Partners.
The fresh funding will be used for further product development, hiring and expanding its presence outside India, Recko said in a statement.
Since it was founded in 2017, Recko has reconciled transactions worth $5 billion, it said.
The startup has built a SaaS-based financial reconciliation product that, it said, keeps track of the complete transaction lifecycle and commercial contracts for organisations.
Its customers include Grofers, Meesho, Dunzo and some of India's top marketplaces across different industry sectors, the statement said.
Recko said it is looking to reconcile transactions worth $10 billion by the end of 2020.
India is witnessing a continued surge in the number of digital transactions and many enterprises, banks and financial institutions are finding it difficult to keep track of the money flowing across the organization, according to the startup.
Digital payments in India are expected to more than double to $135.2 billion in 2023 from $64.8 billion in 2019, it said.
"There is an immediate need for an independent third party transaction reconciliation layer to ensure timely settlements among various interacting parties.
The reconciliation layer will ensure that the businesses receive settlements in accordance with the agreed rate cards, settlement cycles, and are able to track and report payment realization, refunds and chargebacks," the statement added.
Updated Date: Apr 02, 2020 12:37:39 IST