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.