Stripe has purchased Lemon Squeezy, a merchant of record which supplies platform services to SaaS businesses, for an undisclosed sum.

Lemon Squeezy said the move would help it improve the merchant record offering, expand billing support, and build an intuitive customer experience.

The FinTech went on to say that it has used Stripe services to process its payments since its inception.

Founded in 2021, Lemon Squeezy aims to make the sale of digital products “as simple as opening a lemonade stand.”

The platform is designed to address a number of challenges faced by merchants, including tax compliance, fraud prevention and payment integration.

“We're incredibly excited about the possibilities that lie ahead with the Lemon Squeezy and Stripe teams joining forces,” Lemon Squeezy said. “When we began discussions about a potential acquisition, it was immediately apparent that our values and mission were perfectly aligned.”

In May, Stripe announced the launch of several payment tools and financing options as it expands its footprint in the UK.

New services include Pay by Bank, Stripe’s first Open Banking-powered payment method, which allows customers to pay in real time directly from their bank.

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