Razorpay becomes first Indian startup to launch international payment gateway with Curlec

 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 by Razorpay – World-class tech with deep local knowledge 

Curlec by Razorpay combines India’s world-class tech capabilities with a deep local understanding of the Malaysian payments ecosystem. It aims to provide businesses with a payment gateway that accepts payments, automates payouts and helps them focus on their customers. By harnessing the Razorpay technology that powers 10 million businesses in India, the all-new Curlec Payment Gateway will offer a superior payment experience for Malaysian businesses.

Our extensive experience in operating within the diverse and dynamic market of India has prepared us to tackle different challenges and solve payment problems on a global scale. We see great potential in South-East Asia, and we recognize the power of payments in Malaysia and what it means for businesses of any kind and size. 

Curlec – A full-stack digital payment gateway 

Curlec, which has disrupted the recurring payments industry in Malaysia over the past five years, has now evolved from a pure recurring payments player into a full-stack digital payment gateway. The company already collaborates with over 700 Malaysian businesses, including leading names such as Tune Protect, CTOS, Courts, Mary Kay, and The National Kidney Foundation.

Towards a bright, new digital future 

Our collaboration with Curlec marks a significant milestone in the digital payment landscape of Malaysia. With Razorpay’s proven technology and Curlec’s extensive experience, Curlec by Razorpay offers a powerful solution that simplifies payment collection, automates payouts, and empowers businesses in Malaysia. With a focus on collaboration, innovation, and customer-centricity, we at Razorpay are ready to unlock the potential of digital payments and contribute to Malaysia’s thriving economy. 

With Curlec by Razorpay, we have stepped into the international market. As we take our tech capabilities to the world, we remain as committed as ever to strengthening the digital infrastructure of India.

South-East Asia, a digital payment powerhouse

Today, South-East Asia is a digital payment powerhouse, with Malaysia one of the fastest-growing digital economies in the region. According to recent reports, digital trade in Malaysia today contributes 22.6% to the country’s GDP and is expected to rise to 25.5% by 2025. 

By boosting digital technology adoption and leveraging digital trade opportunities, Malaysia and its businesses have the potential to achieve a remarkable 150% increase in economic activity, reaching $52.7 billion by 2030, according to industry sources. The growth is driven by Malaysia’s fast-growing digital economy, high mobile-phone penetration rate, and strong government support for the digital economy. Malaysia’s real-time payments system, also known as DuitNow, is another key catalyst for merchant acceptance of cashless payments and has significantly aided the emergence of mobile transactions. The scope and need for more robust, reliable, and advanced payment solutions in these regions is, therefore, undeniable.

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