Stripe acquires Indian accounting software firm Recko
Payments giant Stripe has acquired Bangalore-based automated payments reconciliation software firm Recko for an undisclosed sum.
Stripe says the acquisition will allow the company to provide online businesses an accurate way to track their financial health.
Reconciliation ensures financial records are accurate, reflecting the incomes and expenses of businesses. Recko’s automated software aims to replace the manual process of correctly matching transactions and considers currency conversions, refunds and chargebacks.
Stripe says automating this accounting process will free up time and money for finance teams and help support fast-growing internet businesses.
Recko’s solution will be added to Stripe’s existing suite of financial tools, and the fintech’s team will join Stripe’s remote engineering hub.
“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,” says Recko CEO and co-founder Saurya Prakash Sinha.
In May, Stripe acquired Oakland-founded card verification fintech Bouncer for an undisclosed amount, integrating it into Stripe’s fraud prevention tool, Radar.
That acquisition followed a $600 million funding round in March, confirming a valuation of $95 billion and making it the most valuable private company Silicon Valley has ever produced.