Recko, the enterprise financial technology startup, has now secured $6 million in the funding round of Series A led by Vertex Ventures South East Asia and India. The round also saw the participation from existing investor Prime Ventures Partners.
The funding will be going to be used towards the product development, hiring new team and expand its presence outside India.
Saurya Prakash Sinha, CEO, and Co-founder, Recko, said in a press statement,
“Transaction reconciliation is not a new problem, but the nature and extent of this problem has changed due to rapid digitisation of transactions and massive count of B2C transactions, especially in internet companies. Over the time we have evolved to add COD, logistics, and aggregator reconciliation to make it a complete receivables suite. Right now it is a great time for companies to put systems in place to get ready for the growth when the markets open up.”
The platform helps the finance team to understand and analyze the multiple data sources. It helps to reconcile millions of transactions within hours writing a single line of code.
Piyush Kharbanda, Partner, Vertex Ventures, Southeast Asia and India, said: “At Vertex, we have had a privileged vantage point and witnessed growth of some great software platforms solving deep enterprise problems. Like several others before it, we believe that the CFO function will see high quality platforms driving disruption in the way processes such as reconciliation are managed, and high-quality software, along the lines of what Recko is developing will make complex problems look trivial. Saurya, Prashant and the entire Recko team are looking to solve a fairly large problem with a world class platform. We are excited to partner with the team and look forward to making reconciliation excel sheets redundant.”