Recordent, credit and payment reporting fintech platform in the non-banking sector, announced a strategic partnership with the Food Service Distributors Association (FSDA). This partnership brings access to comprehensive credit & Data reports to the FSDA members through Recordent’s SaaS-based technology platform. Transforming data into actionable insight, the platform with its rich data shall help navigate the current financial situation of the F&B industry & also streamline delayed payments. This step aims to reinvent the businesses that are the worst hit by Covid19 and still in recovery mode.
FSDA India is a Trade Association of Distributors & Wholesalers supplying to the Food Service industry. The Association was formed on 1st April, 2018 in Mumbai. The Association is built for the welfare & growth of the industry and for building a business environment conducive to growth and fair trade practices. The alliance between FSDA and Recordent shall help businesses know credit behaviour of a potential customer before they offer credit against goods and services. Any credit-impaired business is more likely to indulge in fraud than the financially disciplined one. Businesses shall make better credit decisions by consent based comprehensive credit report of potential customer. This initiative is expected to help in strengthening internal controls of the F&B industry, along with international standards.
The premise of this collaborative effort is to use the power of data to optimize the collection of dues and minimize financial impacts for FSDA members.
Speaking on the partnership, Mr Winny Patro, CEO, and Co-Founder, Recordent, said, “The entire F&B industry faced an exaggerated delay in payments and cash flow during the pandemic. This created the need to build a data network with credit profiling to create more transparency between members and help them take the right steps. Through this partnership, Businesses will have a capability to reduce their overall risk, resulting in financial losses creating fluctuation in business growth. This will encourage customers to maintain a good payment history to avail credit for obtaining goods and services from businesses in the future.”
“We are glad to partner with FSDA India and extend our expertise to help the industry recover from the biggest hurdle. FSDA Members listed with us have seen a dramatic change in collections after using the Recordent Platform. For instance, several businesses could receive payments of 2-year dues within weeks” he further adds.
Mr Keyur Bhatia – President, FSDA said, “This is a huge step for us, as the Association with Recordent is building India’s first and our own credit bureau for the F&B industry. This was the need of the hour. This effort shall build good credit awareness & promote good credit culture among the borrowers over time”
Recordent is further extending its support to FSDA by conducting several webinars and workshops focussed on creating awareness around ‘managing credit and reducing credit risk’. The Webinars have also inducted the members on several digital tools to simplify business/day to day operations.
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. Along with FSDA India, Recordent has recently engaged tie-up with Bombay Industries Association and Taloja Industries too.
In November 2021, Recordent 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 funds will be utilized for the development of its technology platform and customer acquisition.