Miguel Cordon · · 1 min readAI-backed fintech startup Recko raises $1m in seed funding from Prime Ventures
Artificial intelligence-driven fintech startup Recko raised US$1 million in a seed funding round from Prime Venture Partners.
With the investment, the India-based company plans to expand its team, scale across verticals, and further build out the capabilities of its AI technology, the company told Tech in Asia.
Recko CEO Saurya Prakash Sinha and CTO Prashant Border / Photo credit: Recko
The India-based company provides businesses a software-as-a-service reconciliation product that keeps track of their digital transactions and commercial contracts. It builds machine learning models to identify anomalies, risk, and intelligence around money flow.
Recko looks to benefit from the surge in digital transactions in the country, which is expected to balloon to US$135.2 billion in 2023 from US$64.8 billion this year, according to an Assocham-PWC study. In the first 12 months since it launched, Recko claims to have reconciled about US$2 billion in transactions and expects to increase the number tenfold in the next year.
Some of Recko’s early customers include Indian online grocery delivery service Grofers and social commerce platform Meesho.
Editing by Dante Gagelonia
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