KUALA LUMPUR: Curlec Sdn Bhd, acquired by Indian fintech unicorn Razorpay last year, is targeting RM10 billion annualised gross transaction value (GTV) in Malaysia by end-2025 as it transitions to a full stack payment gateway branded as “Curlec by Razorpay”, driven by the fast-growing digital economy in Malaysia.
Curlec co-founder and CEO Zac Liew said it hopes to build on its recent significant traction, notably in insurance, lending and savings, where it tracked a 110% increase in transaction volumes.
“We are targeting 10 times growth by 2025. Curlec Payment Gateway will serve more than 5,000 businesses with a target of RM10 billion in annualised gross transaction value by 2025.
“The growth is driven by Malaysia’s fast-growing digital economy that is projected to be worth US$35 billion (RM161 billion) in gross merchandising value by 2025, high mobile-phone penetration rate, and strong government support for the digital economy,” Liew told reporters at its first media briefing today after the acquisition by India’s Razorpay.
He added that 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.
“Given the fast-growing economies of Malaysia and the broader Southeast Asia region, the scope and need for more robust, reliable, and advanced payment solutions is undeniable,” he said.
After five years of disrupting the recurring payments sector in Malaysia, Curlec has transitioned from a recurring payments solution to becoming a comprehensive payment gateway that caters to businesses of all sizes.
Curlec by Razorpay combines Razorpay’s tech capabilities and Curlec’s understanding of the Malaysian payments ecosystem. The transition allows it to provide a wider range of services, including accepting payments and automating payouts.
In leveraging Razorpay India’s industry-first solutions and its extensive experience working with multiple sectors, Curlec also intends to incorporate the same innovative technologies that proved successful in the Indian market.
Razorpay managing director and co-founder Shashank Kumar said it sees great potential in the Southeast Asian market and is delighted to announce the launch of its first international payment gateway in Malaysia.
“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. When we joined forces with Curlec a year ago, our vision was to build products that cater to the needs of Southeast Asian users. The unveiling of the new Curlec Payment Gateway today is a first step in that direction,” he said.
Kumar added, “We believe the new payment gateway will revolutionise how Malaysian businesses and end-consumers transact and engage with each other. 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.”
