US fintech giant Stripe acquires Bengaluru-based startup Recko
Founded in 2017 by Saurya Prakash Sinha and Prashant Borde, Recko provides payments reconciliation software and has clients such as Deliveroo, Meesho, PharmEasy, etc.
US-headquartered fintech startup Stripe, valued at $95 billion, recently acquired Bengaluru-based startup Recko for an undisclosed value.
Founded in 2017 by Saurya Prakash Sinha and Prashant Borde, Recko provides payments reconciliation software and has clients such as Deliveroo, Meesho, PharmEasy, etc.
According to a statement, Recko's team will join Stripe's remote engineering hub to build and scale its products globally.
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“This acquisition comes amid Stripe’s increased investment in India, including updated data locality architecture and rapid local hiring,” the statement noted.
Both Saurya and Prashant, alumni of IIT Gandhinagar, are serial entrepreneurs. Saurya had co-founded Townrush, which got acquired by Grofers, and later worked at PhonePe and Flipkart, while Prashant co-founded Cubeit, which later got acquired by Myntra.
Recko's core USP is its payments reconciliation software, which automates the entire process of disparate financial statements, especially for an internet business, including the company’s sales log and external bank statements.
As Stripe noted, the manual process of correctly matching transactions is further complicated for fast-growing online businesses, which must also account for things like currency conversion, refunds, chargebacks, bundled bank deposits, and more, across thousands or millions of transactions in a given month.
Recko automates key steps of reconciliation to relieve finance teams of a tedious and time-consuming process.
Will Gaybrick, Chief Product Officer of Stripe, said, “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.”
According to Stripe, the acquisition of Recko is the latest milestone in its expansion beyond payments acceptance, bringing millions of users another tool to manage and grow their revenue alongside Stripe Revenue Recognition, Stripe Billing, Stripe Invoicing, and more.
“Joining Stripe is a perfect next chapter for Recko, and we can’t wait to help grow the GDP of the internet by removing the burden of reconciliation complexity,” said Saurya Prakash Sinha, CEO and Co-founder of Recko.
Edited by Suman Singh