Fintech company Razorpay announced the acquisition of a majority stake in Curlec, a leading Malaysian fintech startup.
E-commerce is booming in Malaysia with an estimated market size of $21 billion in 2021 and is poised to grow further to over $35 billion by 2025.
Razorpay said it will unveil new channels for global business expansion for online businesses based in India and Malaysia with the acquisition of Curlec.
“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 growing dominance in all things payments,” said Harshil Mathur, CEO and Co-Founder, Razorpay.
Curlec, founded in 2018, builds technology solutions on top of existing payments infrastructure, to make it easier for companies of all sizes, to collect recurring payments and take control of their cash flows.
This marks Razorpay’s fourth acquisition, and its first in the international market.
Earlier, 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 serves over eight million businesses including Facebook, Ola, Zomato, Swiggy, Cred and achieved $60 billion total payment volume (TPV) as of December 2021.