Razorpay Acquires Malaysian Fintech Start-up At Over $19 Mn Valuation

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.”

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor