Global technology company Stripe is acquiring payments reconciliation startup Recko for undisclosed terms, Stripe wrote in a statement emailed to PYMNTS on Wednesday, October 20.
The acquisition will help Stripe further advance its creation of online economic infrastructure with the integration of Recko’s automated payments reconciliation software. Payments reconciliation, which is an accounting process that uncovers discrepancies, has been complicated by the many nuances of digital transactions — currency conversion, refunds, chargebacks, bundled bank deposits, and more.
“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,” Gaybrick said.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
