- Curlec by Razorpay India aims to make payments uncompromised, bridging the gap between local and international payment gateways
- Targets RM10 billion annualized gross transactions value (GTV) in Malaysia by end-2025
- Aims to serve 5000+ businesses by end-2025
|From left: Zac Liew, Co-Founder & Chief Executive Officer, Curlec; Steve Kucia, Co-Founder & Chairman, Curlec; Shashank Kumar, Co-Founder & Managing Director, Razorpay|
After five years of disrupting the recurring payments sector (aka subscriptions) in Malaysia, local fintech Curlec – having been acquiredby Indian Fintech Unicorn Razorpay last year – has transitioned from a dedicated recurring payments solution to a full stack payment gateway for businesses of all sizes. Curlec by Razorpay combines India’s world-class tech capabilities with a deep local understanding of the Malaysian payments ecosystem. It aims to provide businesses with a payment gateway that accepts payments, automates payouts, and helps them focus on their customers. By harnessing the Razorpay technology that powers 10 million businesses in India, the all-new Curlec Payment Gateway promises to offer an uncompromised payment experience to Malaysian merchants.
The Curlec Payment Gateway will serve more than 5,000 businesses with a target of RM10 billion in annualized Gross Transaction Value (GTV) by 2025. The growth is driven by Malaysia’s fast-growing digital economy (projected to be worth $35 billion in Gross Merchandising Value by 2025), high mobile phone penetration rate, and strong government support for the digital economy. Malaysia’s real-time payments system, also known as DuitNow, is another key catalyst for merchant acceptance of cashless payments and has significantly aided the emergence of mobile transactions. Given the fast-growing economies of Malaysia and the broader Southeast Asia region, the scope and need for more robust, reliable, and advanced payment solutions is undeniable.
In leveraging Razorpay India’s industry-first solutions and its extensive experience working with multiple sectors, Curlec intends to incorporate the same innovative technologies that proved successful in the Indian market.
Commenting on the first international launch of its Payment Gateway, Shashank Kumar, Managing Director & Co-Founder, Razorpay said, “We see great potential in the Southeast Asian market and are delighted to announce the launch of our first international payment gateway in Malaysia. We recognize the power of payments in Malaysia and what it means for businesses of all sizes, regardless of sector. Our extensive experience operating in India’s diverse and dynamic market has prepared us to pursue growth on a global scale. When we joined forces with Curlec a year ago, our vision was to build products that cater to the needs of Southeast Asian users. Unveiling the new Curlec Payment Gateway today is a first step in that direction.”
Kumar added “We believe the new payment gateway will revolutionize how Malaysian businesses and end-consumers transact and engage with each other. Going forward, I believe that collaboration, innovation, and customer-centricity will be the keys to unlocking digital payments’ potential and driving economic growth in Malaysia.”