Recko Software Pvt. Ltd, which operates a financial technology startup focussed on artificial intelligence-enabled reconciliation of digital transactions, has raised $6 million (approximately Rs 45.69 crore at current exchange rates) in its Series A funding round.
The round has been led by Vertex Ventures SEA. Existing backer Prime Venture Partners also participated in the funding round, Recko said in a statement
The Bengaluru-based firm will use the funds for product development, enhancing its technological infrastructure, acquiring talent and expanding its presence outside of India.
The fundraising comes after Recko in June last year raised $1 million (around Rs 6.93 crore) from Prime Venture Partners as part of its seed funding round.
The startup was founded by Saurya Prakash and Prashant Borde in 2017. The firm says its services have helped reconcile transactions worth $5 billion since its inception, and that it is aiming to hit a $10 billion target by the end of this year.
The company says its platform keeps track of the complete transaction lifecycle and commercial contracts for organisations. Some of its clients include grocery platform Grofers and social e-commerce company Meesho. It has also worked with various banks, non-bank lenders and insurance companies.
Deals in the fintech segment
The latest commitment to Recko represents another vote of investor confidence in the growing fintech ecosystem in India. The segment has seen cheques both large and small being issued to companies seeking to augment or introduce new services to India’s larger financial ecosystem.
Earlier this week, Juspay Technologies Pvt. Ltd, which operates a payments technology firm, raised $21.6 million (around Rs 164.05) in its Series B funding round, which was led by Sweden’s Vostok Emerging Finance.
Last month, the Bengaluru-based Fampay Solutions Pvt. Ltd raised $4.7 million (Rs 34.6 crore) in seed funding from institutional and angel investors including Y Combinator, Venture Highway, Sequoia India, Twitch co-founder Kevin Lin, Robinhood co-founder Vladimir Tenev, Cred founder Kunal Shah and Pine Labs chief executive Amrish Rau.
In February, DotPe Pvt. Ltd raised $8 million (around Rs 56.8 crore) in its seed funding round led by payments company PayU and Chinese conglomerate Fosun International. Other fintech startups that have raised capital in recent months include neo-banking startup EpiFi, informal sector-focused Kaleidofin, and digital banking firm Yelo.