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Stripe to buy payments reconciliation outfit Recko

Stripe to buy payments reconciliation outfit Recko

Stripe has agreed to buy Recko, an Indian outfit that provides payments reconciliation software for internet businesses. Financial terms were not disclosed.

Founded in Bangalore in 2017, Recko has built a SaaS-based reconciliation product that keeps track of the complete transaction lifecycle and commercial contracts for organisations.

The firm's technology automates the collection of transaction data from financial systems and non-Stripe payment processors, including Excel or CSV attachments saved in emails.

It can then accurately match thousands of individual transactions with just a few clicks, as well as account for currency differences, fees, refunds, and chargebacks, while allowing businesses to produce weekly, monthly, or quarterly reconciliation reports.

The acquisition is the latest milestone in Stripe’s expansion beyond payments acceptance, adding to the Silicon Valley giant's revenue recognition, billing, and invoicing tools.

Will Gaybrick, chief product officer, Stripe, says: “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.”

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