Payments infrastructure provider Stripe is acquiring India-based reconciliation software company Recko.
The deal, subject to customary closing conditions and for an undisclosed sum, will see Stripe expand its offering beyond payments acceptance to include a key accounting process and build on the revenue growing tools it already offers, including Revenue Recognition, Billing, Invoicing, and more.
Will Gaybrick, Stripe’s chief product officer, comments: “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.”
“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.”
Based in Bangalore, India, Recko was founded in 2017 and currently counts leading internet businesses including Deliveroo, Meesho, PharmEasy, and more as customers.
Recko’s team will join Stripe’s remote engineering hub, helping to build and scale its products globally. This acquisition comes amid Stripe’s increased investment in India, including updated data locality architecture and rapid local hiring.
Saurya Prakash Sinha, chief executive officer and co-founder of Recko, says: “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.”