The Weekend Leader - Fintech startup Recordent raises $400K in angel funding

Fintech startup Recordent raises $400K in angel funding



Winny Patro, CEO & Co-Founder, Recordent

Fintech startup Recordent 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.

The company stated that it would utilize the funds for development of its technology platform and customer acquisition. “As first movers in the industry, we are focussed for making business seamless and hassle-free for MSMEs; along with credit profiling that in turn will help businesses to reduce their credit risks,” said Winny Patro, CEO & Co-Founder, Recordent.

“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.”

Recordent is a technology platform helping businesses improve collections by credit profiling their customers with payment data; and reducing risk by providing insights into the payment history of prospective customers.

Recordent’s platform enables businesses to submit their customer dues/invoices to reduce their efforts on collection. Inspired by the Credit Bureau model, Recordent informs customers how their positive payment history can be evaluated by other businesses & lenders to offer better terms on credit or a loan.

Recordent is ISO certified and currently has over 11,000 businesses in the ecosystem, 50,000+ customer dues, and over INR 2,500 crore of dues submitted by the members that have registered on Recordent.

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 benefitted from the platform, we decided to lead this round.”

Dr Subhrangshu Sanyal, CEO, IIM Calcutta Innovation Park said: “We are always keen on providing the best opportunities for start-ups to thrive and extend strong product offerings to make an impact, lead a change or bring about new trends that help businesses and customers.” – TWL Bureau

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