KUALA LUMPUR: Financial technology (fintech) unicorn Razorpay has launched its first international payment gateway services for the Malaysian market through Curlec by Razorpay.
An uncompromised payments solution, the Curlec Payment Gateway aims to serve more than 5,000 businesses with a target of RM10bil in annualised gross transaction value (GTV) by 2025.
Curlec by Razorpay co-founder and chief executive officer Zac Liew said the growth of the company is spurred by the fast-growing local digital economy – projected to be worth US$35bil (RM162.8bil) in gross merchandising value by 2025 – high mobile phone penetration rate and strong government support for the digital economy
“Given the fast-growing economies of Malaysia and the broader South-East Asia region, the scope and need for more robust, reliable and advanced payment solutions is undeniable. We are very excited about bringing a first-of-its-kind offering to Malaysian businesses.
“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,” he said at the product launching ceremony yesterday.
Razorpay acquired a majority stake in the Malaysian fintech firm Curlec last year as part of its first international expansion into South-East Asia. Through this partnership, both companies hope to combine India’s tech capabilities with a deep local understanding of the local payments ecosystem.
“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 10 times growth by 2025,” Liew said.
Curlec aims to provide businesses with a payment gateway that accepts payments, automates payouts and helps them focus on customers by incorporating similar innovative technologies that have proved successful in the Indian market.
Razorpay managing director and co-founder Shashank Kumar said the company intends to build products that cater to the needs of South-East Asian users through its tie-up with Curlec in 2022. Hence, the rollout of the Curlec Payment Gateway is the first step towards that.
“We recognise the power of payments in Malaysia and what it means for businesses of all sizes, regardless of sector. Our extensive experience operating in India’s diverse and dynamic market has prepared us to pursue growth on a global scale.
“Going forward, I believe that collaboration, innovation and customer-centricity will be the three keys to unlocking the potential of digital payments and driving economic growth in Malaysia,” Shashank said.
Currently, Curlec is used by over 700 businesses ranging from small and medium enterprises to corporations.
