Fintech

Razorpay Launches International Payment Gateway in Malaysia in Collaboration with Curlec

• ByStartupStory     |    July 12, 2023

Razorpay, a leading fintech company in India, is delighted to announce the launch of its international payment gateway in Malaysia through its partnership with Curlec. The new payment gateway will operate under the name ‘Curlec by Razorpay’.

In February 2022, Razorpay acquired a majority stake in Curlec, a Kuala Lumpur-based fintech firm, with a valuation of $20 million, marking the commencement of its global expansion plans. The remaining stake acquisition is expected to be completed by 2023.

Curlec currently serves more than 700 Malaysian businesses, including well-known entities such as Tune Protect, CTOS, Courts, Mary Kay, and The National Kidney Foundation. With the introduction of the Curlec payment gateway, the aim is to provide services to over 5,000 businesses, targeting an annualized gross transaction value (GTV) of RM 10 billion (approximately $2 billion) by 2025.

Established in 2017 by Zac Liew and Steve Kucia, Curlec is a business-to-business payment solution provider, similar to Razorpay. The company offers payment collection solutions for recurring and subscription-based services, along with billing, payouts, and other payment-related offerings.

Shashank Kumar, Managing Director and Co-Founder of Razorpay India, highlighted the significance of simplifying payments as a global challenge. He stated, “We recognize the power of payments in Malaysia and its implications for businesses of all sizes. Our extensive experience in operating within the diverse and dynamic Indian market has equipped us to tackle different challenges and solve payment problems on a global scale.”

In 2021, Razorpay successfully raised $375 million in its Series F funding round, led by Lone Pine Capital, Alkeon Capital, and TCV. Following the Series F round, Razorpay achieved a valuation of $7.5 billion, making it the second most valuable fintech company in India, after Paytm.

Zac Liew, Co-Founder and CEO of Curlec, expressed enthusiasm about the launch of the payment gateway. He stated, “‘Curlec by Razorpay’ positions us as a full-stack payment solutions provider, combining world-class technological capabilities with a deep understanding of the local payment ecosystem. In recent times, Curlec has experienced significant traction in insurance, lending, and savings, witnessing a 110 percent increase in transaction volumes. Over the next two years, we anticipate delivering an unparalleled payment experience to our customers, targeting a growth of 10X.”

 

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