Recko, which is a Bangalore based startup that offers the payment reconciliation services to companies, has now secured $1 Million in the funding round of seed from the early stage venture capital fund Prime Venture partners.
The two-year-old company has intended to use the fresh funds to strengthen the product, expand the scope of offerings and build a reliable technology and marketing team.
The startup which is founded by the college batchmates Prashant and Saurya, Recko has built a platform which helps to tracks the complete transaction lifecycle and commercial contracts for the organizations. It even helps the companies who go through the multiple legs of payment and transactions at the time of its regular operations to keep track of all payments received and reconcile them.
“We started in May 2017, spent the first six to seven months developing the product and then went out to test in the market,” said Sinha, chief executive officer, Recko. “We have started with tech and internet companies but will expand our client base eventually.”
“The opportunity here runs into hundreds of crore, because most businesses find it difficult to reconcile at the end of their own financial cycles mainly due to the complexities involved, in most cases reconciliation issues are written off which in turn needs to be checked by the auditors,” said Sanjay Swamy, managing partner, Prime Venture Partners.