Recko, an Indian startup that enables AI-powered reconciliation of digital transactions, has raised $1 million seed funding from Prime Venture Partners.
With digital transactions in India surging, the startup claims to have hit upon a key market need - an independent third party reconciliation layer to ensure timely settlements among various interacting parties, eliminating time-consuming manual processes.
The Recko reconciliation layer promises to ensure that the businesses are receiving settlements in accordance with the agreed rate cards, payout cycles, and are able to track and report payment realisation, refunds and chargebacks.
Coming out of stealth, Recko says it has already reconciled transactions worth $2 billion and is looking to scale this by ten times in the next year.
Saurya Prakash Sinha, CEO, Recko, says: "We see the current settlements and reconciliation process as a massive inefficiency in the payment lifecycle across industries such as Banking, Lending, Insurance, Telecom, E-Commerce etc.
"We are humbled by the initial market response and are all geared up to scale 10x our current volumes by the end of this financial year."