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Announcing the Acquisition of a Majority Stake in Curlec by Razorpay, India’s Leading Payments & Banking Platform

Kuala Lumpur, 8 February 2022 – Curlec is proud to announce the acquisition of a majority stake in our business by RazorPay, India’s leading Payments and Banking Platform for Businesses as part of its first international expansion into Southeast Asia. This marks Razorpay’s fourth acquisition overall and its first in international waters.

 

Razorpay, recently crowned as India’s Most Valued Private Fintech company, serves over 8 million businesses including the likes of Facebook, Ola, Zomato, Swiggy, Cred and achieved $60 Bn Total Payment Volume (TPV) as of early December 2021. The Fintech Unicorn is at the forefront of India’s digital financial revolution building the central nervous system for Digital India, with clear dominance in digital payments and its fast growing business neobanking arm, RazorpayX. 

 

Leading the baton of innovation within the region, Curlec builds new-age technology solutions on top of existing payments infrastructure to make it easier for businesses of all sizes to collect recurring payments and take control of their cash flow. This acquisition marks an exciting new stage for Curlec, as both companies look to build and scale seamless payment solutions for Malaysian businesses, as well as enable global payments for the Indian businesses through this acquisition. 

 

“We are incredibly excited to be combining forces with Harshil, Shashank and the Razorpay team. 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,” said Zac Liew, Co-Founder & CEO of Curlec.  

 

Commenting on Razorpay’s first international expansion, Harshil Mathur, CEO and Co-Founder, Razorpay said, “With Curlec coming onboard, we at Razorpay are really excited as we mark our first step towards expanding in the South East Asia region. With the vast experience in a heterogenous market like India over the last seven years, our expansion to the Southeast Asia payments market is timed exactly to coincide with the company’s growing dominance in all things payments.” 

 

He added, “The team and values of Curlec mirrors that of ours in every sense. It is incredible to witness the scale of impact that Zac, Steve and the Curlec team have created in such a short span of time. Curlec has a similar culture like Razorpay and the same product and tech first philosophy of building products and delighting customers. And so, we are eagerly waiting to work with Curlec’s incredible talent and strength.  With a measured approach, we look forward to learning the nuances of Malaysia, their business and customer needs, and slowly adapt and build products tailored to the SEA geography. Together, we are confident that we will be optimally positioned to take on the unique challenges that both India & Malaysian markets put forth, and look forward to reimagining and transforming the payments ecosystem in South-East Asia.”  

For more information on the story, visit RazorPay’s blog post here or media coverage on FinTech News Malaysia, The Economic Times India, Astro Awani, MalayMail, Deal Street Asia.

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Curlec Is One Of Five Startups Across APAC Selected For Visa’s First Accelerator Program

Curlec has been selected as one of five inaugural cohort of startups to be part of Visa’s first ever Accelerator Program in Asia Pacific this 2021. 

Over the next four to six months, the participating startups will focus on creating defined commercial opportunities to collaborate on new payment solutions with Visa and its extensive network of bank and merchant partners. A key goal for the accelerator program is to support startups that have launched successful solutions in their home markets as they plan their next stage of growth.

“Hundreds of startups came forward with outstanding ideas for new and enhanced commerce experiences, but the five participants we’ve selected truly stood out,” said Chris Clark, regional president, Asia Pacific, Visa. 

 

“We’re excited to work with each of the startups in our first cohort to bring their concepts to life and expand their businesses into new markets across the region.”

As a subscription management platform, Curlec will be working on some of the most pressing financial and technological opportunities in Asia Pacific, and develop new ways to pay and be paid digitally to help drive financial inclusion for more consumers and businesses

“We applied to the Visa program as we felt that Visa’s global scale could help us accelerate the growth of our business, particularly outside our home country of Malaysia. We’re extremely excited to get started as we feel that Visa’s vision of the subscription economy and the future of commerce deeply aligns to ours, and we look forward to scaling this to the rest of Asia Pacific  and beyond,” said Zac Liew, Co-founder & CEO, Curlec.

Curlec will be joined by Brankas, DigitSecure, ModusBox and Open as cohorts for the upcoming program. 

For more information on the announcement, check out the full press release https://vi.sa/3wxZI86

 

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