Fintech unicorn, Razorpay has announced its first international acquisition by acquiring a majority stake in Curlec, a leading Malaysian firm. Razorpay’s CEO and co-founder, Harshil Mathur said that the deal valued the company at $19-$20 million.
Mathur said that Curlec acquisition will mark the first global buyout for Razorpay and that the company will be focused on emerging markets in South-East Asia including Malaysia, Thailand, Vietnam. Curlec is a Kuala Lumpur-based company, building solutions for recurring payments for modern businesses of all sizes. This also marks Razorpay’s fourth acquisition.
Currently, South-East Asia is a digital payment powerhouse, having witnessed a significant financial transformation over the last few years, driven by changing consumer and retail trends and more inclusive payment options.
And while e-commerce is already booming in Malaysia with estimated market size of $21 billion in 2021, an industry report said it is estimated to grow further to over $35 billion by 2025, fuelled by the emergence of new mobile payment methods, as per Razorpay’s official handout.
Curlec was founded by two entrepreneurs, Zac Liew and Steve Kucia in 2018. The company builds new-age technology solutions on top of existing payments infrastructure, to make it easier for companies to collect recurring payments and take control of their cash flows.
Initially backed by 500 global and other investors, the company’s annual revenue has been growing at nearly 5X since 2018.
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