Razorpay has acquired a majority stake in Curlec in a deal that values the Malaysian payments start-up at more than $19 million. Razorpay will full acquire the company later in 1.5 years.

Kuala Lumpur-based Curlec builds solutions for recurring payments for businesses. This marks Razorpay’s fourth acquisition and first in a foreign country.

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“We look forward to the next phase of our journey and scaling together across Malaysia and Southeast Asia,” said Zac Liew, Co-Founder and CEO of Curlec said, Prior ior to this, Razorpay acquired TERA Finlabs (AI-based risk tech SaaS Platform) in 2021, Opfin (Payroll & HR management solution) in 2019 and Thirdwatch (Fraud Analytics AI- platform) in 2018.