Stripe launches tool to let users sync data with Amazon & Snowflake
Stripe continues to expand its portfolio with the launch of a new product for users who store data with Amazon Redshift or Snowflake Data Cloud.
The new tool, called Data Pipeline, syncs Stripe data with these two existing data warehouses. The fintech giant said this will let businesses consolidate their data to speed up their financial reports and help identify key insights in their business.
Stripe said it has designed Data Pipeline as an alternative to current methods of analysing business data from a data warehouse, such as using third-party extract, transform, and load (ETL) pipeline providers, or building an API integration to export the data.
“Stripe data in Amazon Redshift and Snowflake Data Cloud has been a top Stripe user request,” Stripe product lead Vladi Shunturov said in a blog post yesterday (18 May). “With Data Pipeline, we're helping our users set up a direct and reliable pipeline in mere minutes.”
The fintech said Data Pipeline is already being used by a group of companies such as Zoom, ChowNow, Housecall Pro, HubSpot, Lime and Shipt. Stripe said these companies have used the tool to “automate downstream reporting” and “identify growth opportunities”.
Stripe said the service is now available to users in the US who use Amazon Redshift or Snowflake's Data Cloud. The company did not state if or when the service would be available in other countries.
Stripe, founded by Irish brothers Patrick and John Collison, has been rolling out more services that go beyond the payments processing it was originally built on, from tax tools to card issuing services.
Earlier this month the fintech launched Stripe Financial Connections in the US, to allow businesses to establish direct connections with the bank accounts of their customers.
Last month, the fintech appointed Microsoft veteran James Phillips as its new president of financial services, to help Stripe expand its portfolio.