Recko is a finance operations platform for fast-growing internet companies. Set up in 2017 by two young entrepreneurs – Saurya Prakash Sinha (CEO) and Prashant Borde (CTO) – it provides a robust technology stack to manage financial data and enable financial workflows such as reconciliation, commission calculation, payout creation, and reporting, for firms to track, manage and account money end-to-end.
With the sudden blast of digital transactions, Sinha says that enterprises, banks and financial institutions are finding it difficult to keep track of the money flowing across the organisation. “Recko enables businesses to monitor large volumes of transactional data without writing a single line of code. It ensures if the money flow between the beneficiaries is in correlation with what needs to be paid out.”
The two co-founders claim their venture works with some of the top internet firms globally such as Deliveroo, aCommerce, Bukukas, Grofers, Meesho, Dunzo, Pharmeasy, Curefit, Udaan, MPL, Khatabook, to name a few.
Talking about the early years, Sinha says, “Every business out there was starting to accept digital payments. From a roadside vendor to a multi-billion internet company, everyone was getting comfortable receiving payments directly to their bank account. And, needless to say, customers also preferred this mode of payment. This digitisation paved the way to get things done faster and easier. Every other day, there are also newer innovative payment methods being added like buy now pay later, UPI based lending, etc.”
While the digital payment process has been smooth for customers, Borde says, “We noticed that the merchants faced certain issues when it comes to reconciling these payments due to the sheer volume of data that is involved as well as the complexities like return, refunds, partial cancellations, missed deliveries, etc., in digital commerce transactions. Traditional tools and spreadsheets could not scale to the demands of today’s finance function. To compete fiercely, businesses are looking into the data to ensure business integrity, financial control, and identify growth avenues to increase margins. But, how they were doing this was quite challenging.”
That got the duo thinking. What if there is a product that enabled internet businesses to reconcile easily and thereby helped them make informed financial decisions. As the business needs and consumer behaviours evolve, their finance teams need to transform as well. “We identified this problem in the companies we worked at. We saw a huge uncharted business opportunity here. Having closely worked with the finance teams ourselves, we understood how a product such as Recko would empower its users in terms of financial decisions,” says Sinha.
From a mere idea to a powerful product that servers customers across 24 countries, Recko has come a long way.
Today, Recko enables businesses to monitor large volumes of transactional data without writing a single line of code. It ensures that the money flow between the beneficiaries is in correlation with what needs to be paid out.
“We raised $1 million from Prime Venture Partners as part of seed funding in 2019. This was followed by $6 million in Series A in 2020 led by Singapore-based Vertex Ventures which is part of Temasek Holdings,” says Sinha. “We are looking to continue on our growth trajectory by going deeper and solving more problem statements for our current market. We are adding more products that will make financial operations a breeze for internet businesses. We are also expanding our presence in international markets through focussed initiatives. Our long-term goal is to provide enough insights that enables businesses to make financial decisions in real-time,” he adds.