The Bengaluru-based fintech company Razorpay has announced the launch of its payment gateway in Malaysia in partnership with Curlec, the startup it acquired last year. 

The new Curlec Payment Gateway by Razorpay aims to reach over 5,000 businesses in Malaysia by 2025, targeting RM10 billion in annualised Gross Transaction Value (GTV).

Citing industry reports, Razorpay stated in its company statement that digital trade in Malaysia contributes to 22.6 per cent of its GDP, which is further expected to reach 25.5 per cent by 2025. This has the potential to accelerate business growth by 150 per cent. 

The fintech firm plans to introduce similar products in the Malaysian market as it has in India. “Malaysian businesses will now have access to a solution that simplifies the process of payment collection, automates payouts, and empowers businesses of all sizes to control their cash flow,” said the company’s statement. 

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Shashank Kumar, MD and Co-Founder, of Razorpay India said, “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.”

With this announcement, Curelec has transitioned from being solely a recurring payments player to a full-stack digital payment gateway. It currently works with over 700 business clients in Malaysia, including the online insurance provider Tune Protect, credit reporting agency CTOS, beauty and skincare brand May Kay, and the National Kidney Foundation among others. 

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Zac Liew, Co-Founder and CEO, Curlec said, “In the recent past, Curlec has enjoyed significant traction in insurance, lending, and savings, having tracked a 110% increase in transaction volumes. In the next two years, we expect Curlec to provide an unrivalled payment experience for our customers and target a growth of 10X.”

Founded in 2014, Razorpay provides technology payment solutions to ten million businesses in India. Notable investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator, and MasterCard have invested a total of $741.5 million through Series A to F funding rounds.

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