Photo credit: Curlec
India-based Razorpay announced that Curlec – the Malaysian startup it had acquired in 2022 – has transitioned to a full stack payment gateway for businesses.
Now Curlec by Razorpay, the service allows businesses to accept payments and automate payouts. It also marks the first international launch of a payment gateway for Razorpay, which serves 10 million businesses in India.
Previously, Curlec was focused on its recurring payments solutions.
Curlec by Razorpay already has more than 700 clients in Malaysia, according to a statement. They include Tune Protect, CTOS, Courts, Mary Kay, and The National Kidney Foundation.
The fintech firm aims to reach over 5,000 businesses and hit 10 billion ringgit in annualized gross transaction value by 2025. It is also looking to generate growth off the back of Malaysia’s digital economy, which is expected to be worth US$35 billion by 2025.
Curlec by Razorpay will benefit from the high usage of mobile phones and the real-time payments system (DuitNow) in the country as well as government support for the digital economy.
Razorpay bought a majority stake in Curlec in February 2022 and plans to fully acquire it within a year and a half. It also made two deals in India last year: acquiring IZealiant Technologies and snapping up an over 80% stake in Ezetap.
See also: Is fintech overrated? DBS, OCBC, UOB see record profit, seek reinvention amid uncertainty
Editing by Eileen C. Ang
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