India-based Fintech company Razorpay has successfully taken its first foray into the South-East Asian market with its majority stake acquisition of Malaysian recurring payment platform Curlec. This investment marks Razorpay's fourth acquisition over the years, joining previously secured AI-based risk tech startup TERA Finlabs, payroll management system Opfin and AI (Artificial Intelligence) fraud analytics platform Thirdwatch, and its first international asset.
“This acquisition will allow us to quickly ramp up and start scaling in Southeast Asia as a market. Curlec have been powering recurring payments for multiple companies in the Malaysia market,” said Harshil Mathur, CEO and Co-founder, Razorpay. “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.”
Since its launch in 2018, Curlec has been in the business of creating solutiions encompassing recurring revenue and cashflow management for companies of all sizes. The firm has made a name for itself locally and internationally for their work with notable agencies such as AXA, Funding Societies and Axiata Digital.
Razorpay expects to complete the total acquisition scheme over the next one-and-a-half years.
“We are incredibly excited to be combining forces with Harshil, Shashank and the Razorpay team,” comments Zac Liew, Co-Founder and CEO of Curlec.
“We’ve long admired what they’ve built in India from afar and are fully aligned with a common vision of building payment and banking solutions from top to bottom, for any business. We look forward to the next phase of our journey and scaling together across Malaysia and Southeast Asia.”