Stripe, one of the highest valued startup companies in the world, has just made its first acquisition in India.
The payments giant will be acquiring Recko, a startup that lets businesses easily track and automate payments reconciliation.
- Stripe will be acquiring Recko for an undisclosed sum (terms of the deal were not disclosed).
- Founded in 2017 and operating out of Bangalore, the company tracks and analyzes financial transactions, revenue receivables, payables and contract discrepancies with high accuracy.
- Upon the acquisition, Recko's services will be integrated as part of Stripe's broader suite of services.
- Recko's existing users will still be able to utilize the company's services as a standalone product too.
Why It Matters
- While the value of the deal was not mentioned, Recko had previously raised approximately $7 million prior to the acquisition.
- Recko's previous investors include Vertex Ventures, Prime Venture Partners, and several angel investors.
- Stripe’s move come as part of a bigger consolidation prior to a possible public listing, where the company seeks to combine fintech services of all kinds under one umbrella — fully accessible via APIs.
- Stripe is currently valued at more than $95 billion.