India-based fintech unicorn Razorpay has acquired a majority stake in Curlec, a Malaysian fintech firm, paving the former’s way into Southeast Asia.
Razorpay team / Photo credit: Razorpay
The size of the deal was undisclosed. The acquisition also marks Razorpay’s first foray into an international market.
Founded in 2018, Curlec builds new-age tech solutions on top of existing payments infrastructure to make it easier for companies to collect recurring payments and take control of their cash flows. The company says its annual revenue has been growing at nearly 5x since 2018.
The acquisition will help both companies build and scale seamless payment solutions for Malaysia’s businesses and enable global payments for Indian businesses, said Razorpay in a statement.
“For now, we will be focussing on building payment products for the Malaysian market and then explore other regions in Southeast Asia,” Harshil Mathur, CEO and co-founder of Razorpay, told Tech in Asia. The company will slowly adapt and build products tailored to the region’s geography, he added.
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Razorpay currently serves over 8 million businesses in India including Facebook, Ola, Zomato, Swiggy, and Cred. It has clocked US$60 billion in total payment volume as of early December 2021, which it plans to take to US$90 billion by the end of the year. The company is backed by the likes of Tiger Global, Y Combinator, and Sequoia Capital India, and it currently holds a valuation of US$7.5 billion.
Editing by Collin Furtado and Lorenzo Kyle Subido
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