The investment firm, Prime Venture Partners has sowed INR 6.93 crore in fintech firm, Recko Software, which facilitates companies in reconciling digital transactions, according to a media report.
The company has come out of the stealth mode and that it has built a software-as-a-service-based reconciliation product that keeps track of the complete transaction lifecycle and commercial contracts for organisations, Recko said in its statement, as reported by daily news, VC Circle.
The software company states that in the initial 12-month period, it has managed to reconcile transactions up to $2 billion and it is anticipating to increase this number by ten times in the offing. Some of the companies earlier customers were Meesho and Grofer.
The fintech company was originally founded in 2017 by Prashant Borde and Saurya Prakash Sinha. Furthermore, the company has begun working with numerous banks, insurance companies and non-bank lenders.
We see the current settlements and reconciliation process as a massive inefficiency in the payment lifecycle across industries such as banking, lending, insurance, telecom and e-commerce, said Sinha, CEO of Recko, told the daily news, VC Circle.
Reconciliation can only be solved by a neutral third-party and has traditionally been handled via a brute force approach of spreadsheets and a battery of analysts. Reckos tech/AI driven approach has been very well accepted in the industry, Sanjay Swamy, MD of Prime Venture told above-cited media.