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Stripe- The US-Irish Firm Acquires Recko- Bengaluru-Based Software Firm

The move was followed by the company’s announcement in March 2021 to overhaul its tech infrastructure, viewing India as a productive market.

Stripe Acquires Software Firm Recko

Stripe, known for its Fintech solutions, has acquired Recko- a Bengaluru-based payment software provider. The move was followed by the company’s announcement in March 2021 to overhaul its tech infrastructure, viewing India as a productive market. The new software will reduce the burden of payment reconciliations of big businesses and introduce a smooth payment handling process. 

Will Gaybrick said in an official statement that the payments should be an easy and highly automated process rather than a migraine as the company grows. The acquisition will help eliminate the need for manual reconciliation done by finance teams to uncover discrepancies. Companies will be able to detect incorrect accounting practices and quickly ascertain their financial health at a particular point in time.

Stripe is based in the US and Ireland and provides payments and billing software to its customers. The company valued at $95 billion entered India in 2017, and this is the first-ever acquisition since then. It has provided a streamlined revenue management system to almost a million business ventures with services such as subscriptions, bookkeeping, and revenue recognition.  With this acquisition, they aim to provide payment reconciliation services across transactions logs, automate the collections process, manage complex accounts such as export reconciliation, and so on. 

Recko was co-founded in 2017 by an IIT Gandhinagar Alumni- Saurya Prakash Sinha and Prakash Borde. The company received its major funding from investors such as Prime Venture Partners and Vertex Ventures. The company’s major clients in India were Deliveroo, PharmEasy, and Meesho.

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