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Razorpay makes international foray with curlec acquisition
February 10, 2022
Razorpay, a platform that provides digital payments and financial services to organizations, said on Tuesday that it will expand into Southeast Asian markets and has picked up a majority stake in Malaysian fintech firm Curlec.
With the acquisition, Razorpay is hoping to expand its core payment services to Southeast Asian clients and launch recurring payments in new geographies.
It is additionally expected to enable cross-border payments for local Southeast Asian organizations with the Curlec acquisition.
First and foremost, Razorpay will take its payments stack, including payments links, payment pages, and gateway services, to the Malaysian market. Over time, it is relied upon to take these services to other key Southeast Asian markets including Indonesia, Thailand, and the Philippines.
The whole Curlec group will join Razorpay as a part of a deal. While the Indian fintech firm declined to comment on the details of the acquisition, it said it valued Curlec at roughly $20 million.
Razorpay will likewise hope to put more in the firm and acquire a 100 percent stake in it after some time.
With this, Razorpay joins Indian fintech organizations, for example, Pine Labs that have expanded to Southeast Asia.
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