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Home Funding Fin-tech firm Curlec acquired by Razorpay

Fin-tech firm Curlec acquired by Razorpay

The leading fin-tech player Razorpay, prior to this, acquired TERA Finlabs, (AI-based risk tech SaaS Platform) in 2021, Opfin (Payroll and HR management solution) in 2019 and Thirdwatch (Fraud Analytics AI-platform) in 2018

With the acquisition of a majority stake in Malaysian fin-tech firm Curlec at a valuation of $20 million, a leading fin-tech player Razorpay on Tuesday announced its first international foray.

This is Razorpay’s fourth acquisition overall and comes just over a month after raising $375 million in funding.

For recurring payments for businesses of all sizes, the Kuala Lumpur-based fin-tech start-up Curlec is building solutions. With an estimated market size of $21 billion in 2021, E-commerce is booming in Malaysia and an industry report said it is estimated to grow further to over $35 billion by 2025, fuelled by the emergence of new mobile payment methods.

Two entrepreneurs, Zac Liew and Steve Kucia founded Curlec in 2018. Including the insurance company AXA, fin-tech lending firm Funding Societies and Axiata Digital, the fin-tech start-up currently works with hundreds of businesses across Malaysia. Initially backed by 500 Global and other investors, the company’s annual revenue has been growing at nearly 5X since 2018.

Harshil Mathur, CEO and Co-Founder, Razorpay said, “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”.

The leading fin-tech player Razorpay, prior to this, acquired TERA Finlabs, (AI-based risk tech SaaS Platform) in 2021, Opfin (Payroll and HR management solution) in 2019 and Thirdwatch (Fraud Analytics AI-platform) in 2018.

Razorpay serves over eight million businesses including the likes of Facebook, Ola, Zomato, Swiggy, and Cred and achieved $60 billion Total Payment Volume (TPV) as of early December 2021. The company clocked over 300 per cent YoY growth, second year in a row and plans to achieve $90 billion TPV by the end of 2022.

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