Fintech Startup Recordent Will Improve AI &ML Technologies With $400 K Funding

November 25, 2021 | 3 minutes read

Indian Fintech Startup Recordent raises $400K funding and aims to improve the credit profiling services for small businesses and also wants to further improve its AI and ML technologies.

Fintech Startup Recordent  has raised a hefty amount of  funding i.e. $400,000.  The Kantamanei, IIM Calcutta Innovation Park, and a bunch of angel investors from India and the USA have funded the startup.

Recordant will use the funds for customer acquisition and for the development of its technology platform. Other than this the startup also wants to collaborate with complementary fintech and banks to provide financing options to businesses, reconciliation, invoice,  including more services and features to make the platform more accessible and easy for users.

Image Credits :Recordant

The startup enables businesses to submit their customer invoices and dues on a regular basis to gather payments faster and on time. The platform also informs the customers on how their positive payment track record can be observed by other businesses and lenders. Currently, Recordent is working with more than 50 small and medium enterprises by helping them in credit management practices by improving collections and reducing credit risk.  

The company recorded 220%  growth in number of businesses on the platform and 550% growth in the total value of customer dues submissions. Furthermore, the company is targeting 25,000+ businesses in its network with a number of dues totaling up to 1,50,000+.  Finanicial technology  (Fintech) has grown exponentially high especially after the pandemic. According to an estimate the global fintech market is expected to reach a value of $305 billion by 2025. Fintech posses great power of financial inclusion and has facilitated the small as well as medium enterprises. This has led to the development of fintech apps and software.

Winny Patro, Co-Founder, and CEO, of Recordent, says, “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” Finextra quoted. 

He further added that this funding can help the startup to robust its AI and ML technologies

“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.”

Story Credits : Finextra