Recordent raises $400K in angel funding round
Fintech Recordent recently raised $400 thousand in angel funding from the Family Office of Kantamaneni and IIM Calcutta Innovation Park, along with other angel investors from India and the US.
The company plans to use the capital to develop its product offerings further and acquire customers.
Recordent CEO and co-founder Winny Patro 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.” He added, “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.”
Launched in 2020, the non-banking fintech is working on building APIs for accounting software systems.
Commenting on the investment, Gopala Krishna from the Kantamaneni Family Office stated, “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.”
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