In an undisclosed amount, Razorpay acquired a majority stake in Curlec.
Razorpay has announced its first international expansion into Southeast Asia by purchasing controlling ownership in Curlec, a Malaysian fintech business, for an undisclosed sum.
Curlec is a Kuala Lumpur-based firm that creates recurring payment solutions for modern enterprises of all kinds.
Malaysia’s e-commerce industry is booming
According to Razorpay’s official handout, e-commerce was expanding in Malaysia, with expected market size of $21 billion in 2021. It is projected to rise to over $35 billion by 2025, fueled by the advent of innovative mobile payment methods. Malaysian customers are more willing to purchase across borders, with 40% of online transactions.
Razorpay feels that, with the influx of new e-commerce customers, a greater range of payment services is necessary. The company believes that an acquisition like this would open up new pathways for global
commercial development for internet enterprises operating in India and Malaysia.
Further plans for it to expand its global business
Razorpay is ecstatic to welcome Curlec on board as it marks its first step toward developing Southeast Asia.
With seven years of expertise in a diverse region like India, its push into
Southeast Asia payments is well-timed to coincide with the company’s expanding domination in all aspects of finance.
The Curlec Company
In 2018, two entrepreneurs, Zac Liew and Steve Kucia launched Curlec. The firm develops cutting-edge technologies on top of current payment infrastructure to make it easier for businesses to collect recurring payments and manage their cash flow.
Since then, the company’s yearly revenue has increased by roughly five times, thanks to investments from 500 globalized investors.
Makes it easier for companies of all sizes with new-age payment technology
The firm develops avant-garde technology on top of existing revenue solutions to make it much easier for businesses of all sizes to collect recurring payments and manage their cash flow.
Curlec has expanded its services to include card payments, payouts, subscription management, and invoicing tools, in addition to bank-to-bank payments via direct debit, which was their entrance point.
Payment technology to help organizations manage recurring payments and cash flow
South-East Asia is currently a digital payment powerhouse, having undergone a substantial financial upheaval in recent years due to evolving business and retail habits and more inclusive payment choices.
Razorpay claims to have more than 8 million B2B clients. It accepts
all types of payments such as:
- Automated payouts to vendors and workers
- Working capital monitoring
- Management of recurring prices, refunds, transfers, subscriptions, invoices
With Curlec, Razorpay has acquired its fourth company
Razorpay has paid more than $19 million for a Malaysian finance start-up, Curlec. In just 1.5 years, Razorpay will complete its acquisition of the firm. This is Razorpay’s fourth acquisition overall and its first outside the United States.
Other companies acquired by Razorpay
Razorpay bought TERA Finlabs, an AI-based risk tech SaaS Platform, in 2019, and Thirdwatch, a Fraud Analytics AI-platform, in 2018.
Over eight million businesses use Razorpay, including Facebook, Ola,
Swiggy and Zomato
Razorpay has a customer base of over eight million enterprises, including Facebook, OLA, Zomato, Swiggy, and Cred, with a total payment volume of $60 billion (TPV). It engages with hundreds of companies in Malaysia, including AXA, Funding Societies, and Axiata Digital.