Subscription billing platform Skio has been acquired by competitor Recharge for $105 million in an all-cash transaction, the company's founder and former CEO announced.

The deal represents a significant return for the Y Combinator alumni company, which had raised only $8 million in total funding since its founding. The acquisition price suggests investors achieved substantial returns on their initial investments in the fintech startup.

Skio specialized in subscription billing services, operating in the same market as its acquirer Recharge. The company went through the prestigious Y Combinator accelerator program, which has produced numerous successful startups over the years.

The founder characterized the exit as healthy for the company, though specific financial details beyond the purchase price were not disclosed. The all-cash nature of the deal provides immediate liquidity to shareholders rather than requiring them to hold equity in the combined entity.

The acquisition consolidates two players in the subscription billing space, with Recharge gaining Skio's technology and customer base. This type of strategic acquisition is common in the fintech sector as companies seek to expand their capabilities and market reach.