[Funding alert] Fintech firm Recordent raises $400K in angel round
, a fintech startup in the non-banking payment bureau sector, has announced that it has raised $400,000 in angel funding from the Family Office of Kantamaneni and IIM Calcutta Innovation Park and other angel investors from India and the US.
Recordent will utilise the funds for the development of its technology platform and customer acquisition. In line with its growth plans, their major focus areas will be collaborations with complementary fintech and banks for providing financing options to businesses, invoice reconciliation, and adding more services and features to the tech platform for further ease of use.
Recordent is closely working with 50+ SME industry associations and plans to continue establishing meaningful partnerships to add value to the association members in its credit management practices by improving collections and reducing credit risk.
Winny Patro, CEO and Co-founder, Recordent, said, “As first movers in the industry, we are focussed on making business seamless and hassle-free for MSMEs; along with credit profiling that in turn will help businesses to reduce their credit risks.”
“The proceeds of the funding shall help us strengthen our platform by harnessing the latest in AI and ML technologies, to improve the connected customer experience. The credit profiling blended with tech represents the connected B2B world enabling the businesses to rise together,” he further added.
Recordent is ISO certified and currently has over 11,000 businesses in the ecosystem, 50,000+ customer dues, and over Rs 2,500 crore of dues submitted by the members that have registered on Recordent. In 2021, the company recorded 220 percent growth in no of businesses on the platform and 550 percent growth in the total value of customer dues submissions. Recordent caters to the likes of, Guarented, Bigsams, , , and many others with an overall of 11,000+ businesses.
By March 2022, Recordent is targeting to cater to 25,000+ businesses in its network with no of dues reaching to over 1,50,000.
Gopala Krishna of Kantamaneni Family Office said,
“A large number of businesses continue to face a massive gap in cash flow, and that is directly linked to the long-pending overdue invoices by their customers. There is an immediate need for businesses to first improve their collections and reduce credit risks to unlock future growth of their business, and Recordent is a perfect tech solution for that. We were an early client of Recordent and having benefitted from the platform, we decided to lead this round.”
Dr Subhrangshu Sanyal, CEO, IIM Calcutta Innovation Park, added, “We are always keen on providing the best opportunities for startups to thrive and extend strong product offerings to make an impact, lead a change or bring about new trends that help businesses and customers. We believe that Recordent is trying to address a big challenge faced by a large number of MSMEs and the solution will enable them in making fruitful business decisions.”
Launched in late 2020, Recordent is building APIs for accounting software systems. To further strengthen its presence and offer expansive solutions to businesses, Recordent is also gearing up for SMEs to conduct customer KYCs to protect business transactions and relationships with customers.