Stripe, one of the most globally valued fintech company on October 20 said that it has acquired Bengaluru-based provider of payments reconciliation software Recko. This marks Stripe’s first acquisition in India.
Stripe will now be able to expand its offerings in India beyond collections and billings for merchants. Stripe in a statement said the move will help Stripe automate collections, ease reconciliations, manage complex accounting of financial records as well as export reconciliation tolls to businesses.
Payments reconciliation shouldn’t be a mild headache that balloons into a migraine as a company grows—it should be an easy, highly automated process,” Will Gaybrick, Stripe’s chief product officer, said in a statement.
“Stripe helps millions of businesses around the world streamline their revenue management—from subscriptions and invoicing to revenue recognition and bookkeeping. With Recko, we’ll automate their payments reconciliation, a critical input into their overall financial health,” he added.
“The acquisition of Recko is the latest milestone in Stripe’s expansion beyond payments acceptance, bringing millions of users another tool to manage and grow their revenue alongside Stripe Revenue Recognition, Stripe Billing, Stripe Invoicing, and more,” Stripe said in its media statement.
Recko was founded in 2017 by IIT Gandhinagar alumni Saurya Prakash Sinha and Prashant Border. They will now build and scale Stripe’s products globally and join the company’s remote engineering hub.
“Joining Stripe is a perfect next chapter for Recko, and we can’t wait to help grow the GDP of the internet by removing the burden of reconciliation complexity. Internet businesses need new financial tools that can scale with their growth and automate the tasks required to produce an accurate picture of their financial health,” said Saurya Prakash Sinha, CEO and co-founder of Recko.
