Razorpay has expanded into South-East Asia with the acquisition of a majority stake in a Malaysian fintech firm Curlec, valuing the company between $19-20 million. Razorpay expects to complete the full acquisition in the next one-and-a-half years. The Kuala Lumpur-based, Curlec builds solutions for recurring payments for businesses. This marks Razorpay’s fourth acquisition overall and its first in the international markets.
This acquisition will allow us to quickly ramp up and start scaling in Southeast Asia as a market. Curlec has been powering recurring payments for multiple companies in the Malaysian market. With them as part of this team, we will have a local team that understands the nuances of the market in Malaysia and Southeast Asia at large.
Important takeaways for all competitive exams:
- Razorpay CEO: Harshil Mathur;
- Razorpay Founded: 2013;
- Curlec was founded by Zac Liew and Steve Kucia in 2018.