Online payments company Stripe has acquired its first business in India, snapping up Recko, a provider of payments reconciliation software.
The move allows the company to expand the services it offers by integrating Recko’s solutions with existing products.
Recko automates key steps in the payments reconciliation process that can slow businesses down. Based in Bangalore, the company has raised about $7 million (€6 million) to date from investors.
The acquisition is one of a number carried out by Stripe in recent years as it looks to expand beyond basic payments.
Others include Nigerian start-up PayStack, Irish-founded TouchTech, and TaxJar, whose solution has been integrated into Stripe Tax, a new product developed at the company’s Dublin engineering hub.
“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.
“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,” 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 fundraise. The company employs over 4,000 people globally, including some 400 in Dublin.
Earlier this year Stripe announced plans to create 1,000 jobs in the Republic and just last month it committed to adding “hundreds” of additional software engineering jobs.
