Razorpay Software Pvt Ltd, a digital payments and financial services startup, announced on Tuesday that it has acquired a majority stake in Malaysia-based fintech firm Curlec, marking the company’s first foreign acquisition.
Curlec is a Kuala Lumpur-based company, building solutions for recurring payments for businesses of all sizes. This is our first international acquisition and our fourth overall. E-Commerce is already booming in Malaysia with an estimated market size of $21 billion in 2021, an industry report says it is estimated to grow further to over $35 billion by 2025. Malaysian shoppers are also more open to cross-border purchases, which account for 40% of all transactions.
Curlec collaborates with hundreds of companies in Malaysia, including AXA Insurance, Funding Societies, and Axiata Digital. To make it easier for businesses of all sizes to collect recurring payments, the company offers cutting-edge technology solutions on top of existing payment infrastructure.
Razorpay raised $375 million in December of last year as part of its Series-F fundraise, which was spearheaded by hedge and private equity companies Lone Pine Capital, Alkeon Capital, and TCV and lifted its valuation to $7.5 billion. The company is presently India’s most valuable private fintech company, second only to Paytm’s parent company One97 Communications Ltd.