Razorpay acquires payments startup Curlec
Companies are looking for acquisition routes to fuel their international expansion and setting up their bases across multiple geographies.
This week, India based non-banking payments company, Razorpay has announced that it has acquired Malaysia based business payments firm, Curlec. In the press note, Razorpay marked its company’s first international expansion with a majority stake acquisition in Curlec.
The company noted that it sees potential in the Southeast Asian market as new consumers would flock towards the e-commerce platforms. The partnership in view of the company would ‘open up newer channels for global business expansion for online businesses in India and Malaysia’.
Curlec is a company that works with other businesses and builds payments solutions for them over the existing payments infrastructure to make the businesses collect recurring payments from their respective clients and consumers.
Last year, Mastercard joined hands with Razorpay for digital payments in India.
Razorpay also emphasized that it plans to become ‘one single destination for businesses’ payment and banking needs’ in Malaysia as it did in India. As noted, Razorpay serves 8 million Business-to-Business clients including the likes of Facebook, Ola, Zomato, Swiggy, Cred and achieved $60 Bn Total Payment Volume (TPV) as of early December 2021.
The value of acquisition nor the terms of it were disclosed in the press notes of both companies.
Razorpay is a non-banking payments company that lets businesses accept payments through multiple payment rails and has a platform through which businesses can manage its task under a single platform.
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