In brief: Malaysia fintech firm raises seed funding from Captii Ventures

Curlec, a Malaysia-based direct debit payment firm, has announced the completion of its seed funding round led by Captii Ventures. The funding amount was not disclosed.

Source: Press release

Curlec plans to use the fresh capital to further grow its operations in Malaysia and take its platform to the mass market, targeting small and medium-sized enterprises.

Founded in 2018, the startup helps businesses to collect recurring payments and control their cash flow using an API that automates the entire collection workflow. It acts as an intermediary between a business and the customer’s bank, replacing “the old error-prone method with an easy-to-use cloud-based solution.”

According to the company, collecting recurring payments manually using cash or checks is paperwork-heavy. Receiving payments via a credit card can also be costly.

To date, Curlec has processed about RM 50 million (US$12.2 million) transactions. Its list of clients includes Funding Societies and HelloGold.

Currency converted from Malaysia ringgit. Rate: US$1 = RM 4.08