Malaysian payments firm Curlec by Razorpay has transitioned from a dedicated recurring payments solution to a full stack payment gateway for businesses of all sizes.
Indian payment gateway provider Razorpay had acquired a majority stake in the local fintech in February 2022 for an undisclosed sum. Razorpay said that the valuation of Curlec was roughly around US$ 20 million at that time.
The transition aims to provide businesses with a payment gateway that streamlines their payment processing and automates payouts.
By harnessing the Razorpay technology that powers 10 million businesses in India, the all-new Curlec Payment Gateway looks to serve more than 5,000 businesses with a target of RM10 billion in annualised Gross Transaction Value (GTV) by 2025.
Curlec already has more than 700 clients including Tune Protect, CTOS, Courts, Mary Kay, and The National Kidney Foundation.
Shashank Kumar, Managing Director & Co-Founder, Razorpay said,
“When we joined forces with Curlec a year ago, our vision was to build products that cater to the needs of Southeast Asian users. The unveiling of the new Curlec Payment Gateway today is a first step in that direction.
We believe the new payment gateway will revolutionise how Malaysian businesses and end-consumers transact and engage with each other.”
Zac Liew, Co-founder and CEO of Curlec by Razorpay said,
“With the launch of the Curlec Payment Gateway, we are now a full-stack payment solutions provider, having combined the expertise of both Curlec and Razorpay India.
We hope to build on our recent significant traction, notably in insurance, lending, and savings, where we tracked a 110% increase in transaction volumes. With Curlec providing an unrivalled payment experience for our customers, we are targeting 10X growth by 2025.”
