Online payments company Stripe acquired its first business in India, taking over Recko, a provider of payment reconciliation software.
The move allows the company to extend the services it offers by integrating Recko’s solutions with existing products.
Recko automates key steps in the payment reconciliation process that can slow businesses down. The Bangalore-based company has raised approximately $ 7 million (€ 6 million) to date from investors.
The acquisition is one of many acquisitions Stripe has made in recent years as it seeks to expand beyond basic payments.
Others include Nigerian start-up PayStack, Irish company TouchTech and TaxJar, whose solution has been integrated with Stripe Tax, a new product developed in the Dublin Engineering Center.
“Reconciling payments shouldn’t be a light headache that turns into a headache as a business grows. It should be a simple and highly automated process, ”said Will Gaybrick, Chief Product Officer of Stripe.
“Stripe helps millions of businesses around the world streamline their management from revenue, subscription and billing to revenue recognition and accounting. With Recko, we will automate the reconciliation of their payments, an essential part of their overall financial health, ”he added.
Stripe, which was founded by Patrick and John Collison in 2010, was valued at $ 95 billion earlier this year following a $ 600 million fundraiser. The company employs more than 4,000 people worldwide, including some 400 in Dublin.
Earlier this year, Stripe announced plans to create 1,000 jobs in the Republic and last month pledged to add “hundreds” more software engineering jobs.
Comments are closed.