Dive Overview:
Payments giant Stripe has acquired Salt Lake City-based digital sales software company Lemon Squeegee, according to online posts. Lemon Squeegee disclosed the sale Friday in a blog post on its website and in a post on social media site X. Terms of the deal were not disclosed. Lemon Squeegee offers a range of services to retailers to help them sell goods through digital channels, its website said. Those services include assistance with tax compliance, payment subscriptions, fraud prevention and failed payment recovery.
Dive Insights:
In a post on X, Stripe CEO Patrick Collison welcomed Lemon Squeezy to the Stripe family. A Stripe representative did not immediately respond to a request for comment. “We intend to scale record retailers at scale,” Collison wrote.
Representatives for Lemon Squeegee also did not respond to requests for comment, but the company’s CEO and co-founder, JR Farr, said in a blog post that the two companies’ goals are “perfectly aligned.”
“Stripe continues to set the standard in the payments industry with its world-class developer experience, API standards, and attention to aesthetics and technology,” he wrote in a blog post. “It’s no secret that we (like many others) have always looked up to Stripe.”
While the two companies are competitors in some ways, they also partner: Lemon Squeegee has used Stripe for payment processing since its founding in 2020, Farr said in a blog post.
Stripe is a payments software company that integrates its services into retailers’ digital platforms and provides digital services such as payment processing and fraud prevention tools. Headquartered in San Francisco and Dublin, the company was founded by CEO and his brother, John Collison.
Technology news site TechCrunch reported the news on Friday, noting that Lemon Squeegee, a four-year-old rival to Stripe, can calculate sales tax on digital transactions in other countries and also manage related legal issues internationally.
