Fintech major Razorpay India on Wednesday announced that it has launched its international payment gateway in Malaysia with Curlec, known as ‘Curlec by Razorpay’.
In February 2022, Razorpay had acquired a majority stake in Kuala Lumpur-based fintech firm Curlec at a valuation of $20 million, kicking off its global expansion plans. The balance stake acquisition was to be completed in 2023.
Curlec currently works with over 700 Malaysian businesses, including Tune Protect, CTOS, Courts, Mary Kay and The National Kidney Foundation. The new Curlec payment gateway will serve more than 5,000 businesses with a target of RM 10 billion (around $2 billion) in annualised gross transaction value (GTV) by 2025.
Curlec was founded in 2017 by Zac Liew and Steve Kucia; like Razorpay, it is a business-to-business payment solution provider. The company offers recurring and subscription-based payment collection for businesses, besides billing, payouts and other payments solutions.
“We have always been aware that simplifying payments is a universal problem. We see great potential in SEA, we recognise the power of payments in Malaysia and what it means for businesses of any kind and size. We firmly believe that our extensive experience in operating within the diverse and dynamic market of India has prepared us to tackle different challenges and solve payment problems on a global scale,” said Shashank Kumar, MD and Co-Founder, Razorpay India.
In 2021, Razorpay raised its second major round of funding at $375 million in its Series F fundraise, co-led by Lone Pine Capital, Alkeon Capital and TCV. Razorpay, valued at $7.5 billion post its Series F round in 2021, is the second most-valued fintech in India after Paytm, which recently went public.
“With the launch of our payment gateway, ‘Curlec by Razorpay’, we are now a full-stack payment solutions provider, combining the might of both worlds — world-class tech capabilities and an understanding of the local payment ecosystem. In the recent past, Curlec has enjoyed significant traction in insurance, lending, and savings, having tracked a 110 per cent increase in transaction volumes. In the next two years, we expect Curlec to provide an unrivaled payment experience for our customers and target a growth of 10X,” said Zac Liew, Co-Founder and CEO of Curlec.