Recordent is a fintech startup in the sector of non-banking payment bureaus. It has announced that it has been able to raise around $400, 000 in angel funding. This funding is from the family offices of Kantamaneni and IIM Calcutta Innovation Park, along with various other angel investors belonging to the US and India.
Recordent is going to utilize the funds for the betterment of its technology platform along with customer acquisition. The growth plans of the startup focus mainly on areas involving collaboration with complementary fintech as well as banks for offering financial options to businesses and invoice reconciliation. Plus, add better services and features to the platform for ease.
The workings of Recordent
Recorent is working with around 50+ SME industry associations. It has plans to continue working on meaningful partnerships. This will add much more value to the members of the association in terms of credit management practices. Also, it will improve collection and help reduce the risk of credit.
When it is about fundraising, Winny Patro, who is the CEO and co-founder of Recordent, said, ‘We are greatly enthusiastic to welcome all the investors and companies in our journey and contribute to the strategic development of the company. As the initial movers in this industry, we are aiming to make the business hassle-free for MSMEs. Plus, the credit profiling will lead businesses to minimize credit risks.’
He even added, ‘The proceeds of the funding will allow us to strengthen the platform by adopting the latest AI and ML technologies. This will also improve the customer experience. Credit profiling with a combination of technology will represent a connected B2B world and allow us to rise together.’
About Recordent:
Recordent has more than 11,000 businesses in the ecosystem. It has 50,000 plus customer dues and more than Rs. 2500 crore dues submitted by the members and registered with the firm.
In 2021, the company had 220% growth and 550% growth in the total value of customer-due submissions. The company caters to Furlenco, Bigsams, Udaan, etc., with around 11000+ businesses. In 2022, the company was targeting 25,000+ businesses in its network, and the number of dues was 1, 50,000+.
When it comes to funding, Gopala Krishna of the Kantamaneni family office commented, ‘Various businesses are facing massive gaps in cash flow, and this is linked to pending overdue invoices. There is a need for businesses to improve collections and minimize credit risks for overall business growth. Rocordent is the best tech solution for this.
