Fintech unicorn Razorpay has acquired a majority stake in Curlec in a deal that values the Malaysian payments start-up at more than $19 million. Razorpay will full acquire the company later in 1.5 years.
Kuala Lumpur-based Curlec builds solutions for recurring payments for businesses. This marks Razorpay’s fourth acquisition overall and its first in a foreign country.
“We look forward to the next phase of our journey and scaling together across Malaysia and Southeast Asia,” said Zac Liew, Co-Founder and CEO of Curlec said,
Prior to this, Razorpay acquired TERA Finlabs, (AI-based risk tech SaaS Platform) in 2021, Opfin (Payroll & HR management solution) in 2019 and Thirdwatch (Fraud Analytics AI- platform) in 2018.
Razorpay has more than 8 million B2B customers including the likes of Facebook, Ola, Zomato, Swiggy, Cred and achieved $60 billion in total payment volume (TPV) as of early December 2021. The company clocked over 300 per cent growth on a YoY basis, second year in a row and plans to achieve $90 billion in TPV by the end of 2022.
“With Curlec coming onboard, we at Razorpay are really excited as we mark our first step towards expanding in the South East Asia region,” said Harshil Mathur, CEO and co- founder of Razorpay.
“With the vast experience in a heterogenous market like India over the last seven years, our expansion to the Southeast Asia payments market is timed exactly to coincide with the company’s growing dominance in all things payments. The team and values of Curlec mirrors that of ours in every sense.”