Aditya Hadi Pratama · · 1 min readStripe to acquire Indian finance platform
Stripe, the most valuable private company in the US, is set to acquire India-based fintech firm Recko for an undisclosed amount.
Recko CEO Saurya Prakash Sinha (left) and chief technology officer Prashant Border / Photo credit: Recko
Recko’s employees will join Stripe’s engineering team and help the payments powerhouse build products globally. On top of that, Stripe has also bumped up its investment in India to update data locality architecture and hire local teams.
Recko’s operations will complement services beyond Stripe’s payments acceptance offerings, according to a statement. Until now, the US fintech giant has expanded into revenue recognition, billing, and invoice, among other.
The acquisition is still subject to customary closing conditions. Recko’s users can still use the company’s products after the deal without signing up to Stripe.
Read also: Stripe readies Indonesia entry, but the road just got rougher
Founded in 2017, Recko automates key steps in the reconciliation process of digital transactions, which involves comparing two sets of accounting records. It counts prominent tech companies such as Deliveroo, Meesho, and PharmEasy as its clients.
In 2020, the company raised US$6 million in a series A round led by Vertex Ventures SEA & India. In 2019, it secured US$1 million in seed money from Prime Venture Partners.
Editing by Miguel Cordon and Arpit Nayak
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