Razorpay launches its first international payment gateway in Malaysia

Bengaluru-based fintech startup Razorpay has launched its first international payment gateway for the Malaysian market with Curlec, now known as ‘Curlec By Razorpay’. 

The new Curlec Payment Gateway will serve more than 5,000 businesses with a target of RM 10 billion ($2.1 billion) in annualised Gross Transaction Value (GTV) by 2025.

This launch will pave the way for Razorpay to further penetrate into international markets. “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," said Shashank Kumar, MD and Co-founder, Razorpay India, according to a statement.

In February 2022, Razorpay announced its first international expansion into South-East Asia with the acquisition of a majority stake in Curlec, a fintech startup that enables B2B recurring payments, valuing it between $19 million and $20 million.

Curlec currently serves more than 700 businesses in Malaysia such as Tune Protect, CTOS, Courts, Mary Kay, and The National Kidney Foundation.

“With the launch of our payment gateway, we are now a full-stack payment solutions provider, combining the might of both worlds—tech capabilities and an understanding of the local payment ecosystem," said Zac Liew, Co-founder and CEO of Curlec.

In the recent past, the company has gained significant traction in insurance, loans, and savings, with a 110% increase in transaction volumes. It aims to grow 10X over the next two years.

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Founded in 2018 by Zac Liew and Steve Kucia, Curlec helps businesses set up recurring payments to and from vendors and other businesses and payouts to employees, contractors, etc. The startup's clients include businesses such as AXA, Funding Societies (a leading fintech lender), and Axiata Digital, among others.

Founded by Kumar and Harshil Mathur in 2014, Razorpay provides technology payment solutions to over 10 million businesses.

The company is backed by marquee investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India (now Peak XV Partners), Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator and MasterCard, which have invested a total of $741.5 million through Series A to F in funding.

It was valued at around $7.5 billion in its last funding round in December 2021.