purchase will help Bandage Expand your offerings in India beyond collection of payments and billing for merchants. The move will help Stripe automate archiving, easing reconciliation, managing complex accounting of financial records as well as export reconciliation tolls to businesses, the Irish-American firm said in a media statement.
Payment reconciliation shouldn’t be a mild headache that balloons into a migraine as a company grows—it should be an easy, highly automated process,” Stripe Chief Product Officer Will Gebrick said in a statement.
“Stripe helps millions of businesses around the world streamline their revenue management – from subscriptions and invoicing to revenue identification and bookkeeping. Together GreeceWe will automate their payment solutions, which is an important input in their overall financial health,” he said.
Payment reconciliation is an accounting process that compares two or more sets of records to verify accuracy—for example, a company’s internal sales log and their external bank statement. Finance teams do reconciliation to uncover discrepancies, avoid mis-accounting and understand the financial health of the company one at a time.
stripe,
which is worth $95 billion, entered India in 2017 but has not been aggressive to expand in the market so far. Earlier this year in March, it announced
Overhaul of its technical infrastructure in India Hosting your Indian customers’ data within the country to comply with local laws.
Startup Rockstar in 2021
Sign in to see our list of the Most Promising Startups of 2021
The payments firm at the time said it would continue to invest in India’s growing digital payments market as it viewed the country as an important market.
“The acquisition of Recko is the latest milestone in Stripe’s expansion beyond payment acceptance, enabling millions of users to manage and manage their revenue with Stripe revenue recognition, Stripe billing, Stripe invoicing, and more,” the company said in its media statement. Another tool has been found to enhance it.” .
The company said the four-year-old Recco, which was founded in 2017 by IIT Gandhinagar alumnus Saury Prakash Sinha and Prashant Borde, will manufacture and expand Stripe’s products globally. The team will connect to Stripe’s remote engineering hub. Recko is backed by investors such as Vertex Ventures and Prime Venture Partners.
“Joining Stripe is the perfect next chapter for Recko, and we can’t wait to help grow Internet GDP by removing the burden of reconciliation complexity. Saurya Prakash Sinha, CEO and Cofounder of Recko, said, “Internet businesses need new financial tools that can grow with their development and automate the tasks needed to produce an accurate picture of their financial health.”
The startup’s offering helps solve payment solutions by automating transaction data and matching transaction logs. This allows businesses to generate periodic reconciliation reports. Its clients include major internet businesses in India such as Deliveroo, Meesho and PharmaEasy.