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Recordent, a fintech start-up in the non-banking payment bureau sector, announced that it has raised $400,000 in angel funding from the Family Office of Kantamaneni & IIM Calcutta Innovation Park and other angel investors from India and the US.
Recordent will utilize the funds for the development of its technology platform and customer acquisition.
In line with its growth plans, its 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 their credit management practices by improving collections and reducing credit risk.
Speaking on the fundraise, Winny Patro, CEO & Co-Founder, Recordent said, “We are highly enthusiastic to welcome investors and companies to join our journey, and contribute towards strategic advancement of Recordent. As first movers in the industry, we are focused 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 adds.
Recordent 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% growth in no of Businesses on the platform and 550% growth in the total value of customer dues submissions. Recordent caters to the likes of Furlenco, Guaranteed, Bigsams, Udaan, RateGain, and many others with an overall of 11000+ businesses. By March 2022, Recordent is targeting to cater to 25,000+ businesses in its network with no of dues reaching 1,50,000+
Commenting on the funding, 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 benefited from the platform, we decided to lead this round”