US based Stripe acquires fintech startup Recko

United States-based payments and API company Stripe on October 20 said that it has acquired Recko, its first acquisition in India. The Bengaluru-based startup is a provider of payments reconciliation software for internet businesses.

The acquisition will help Stripe expand beyond core payments acceptance and will add to their products beyond Stripe Revenue Recognition, Stripe Billing, Stripe Invoicing etc. However, the details of the deal were not revealed by the company.

Stripe is valued at a massive $95 billion and has raised a total of $2.2 billion till date. The company entered India in 2017 but saw slow growth and is now looking to expand and hire aggressively in the Indian market.

Payments reconciliation is an accounting process that compares two or more sets of records—for example, a company's internal sales log and their external bank statement—to confirm accuracy.

"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," said Will Gaybrick, Stripe's Chief Product Officer in a statement.