India’s renowned fintech giant and leading Full-Stack Payments and Business Banking Platform, Razorpay, has made a significant announcement regarding its first-ever international Payment Gateway for the Malaysian market as it acquires Malaysian fintech start-up ‘Curlec‘ for $20 million, which has been rebranded as ‘Curlec by Razorpay‘.
The introduction of the Curlec Payment Gateway aims to bridge the gap between local and international payment gateways, while also addressing the unique digital payment challenges prevalent in emerging markets.
Transforming into a Comprehensive Payment Solutions Provider
By launching the Payment Gateway, ‘Curlec by Razorpay’ has evolved into a comprehensive provider of payment solutions, leveraging the synergy between cutting-edge technological capabilities and a profound understanding of the local payment ecosystem.
At present, Razorpay has established strong partnerships with more than 700 esteemed Malaysian businesses, including notable entities such as Tune Protect, CTOS, Courts, Mary Kay, and The National Kidney Foundation. The introduction of the new Curlec Payment Gateway aims to cater to a wide spectrum of businesses, expanding its reach to over 5,000 establishments. The primary objective is to achieve an annualized Gross Transaction Value (GTV) of $2 billion by the year 2025.
Razorpay, an Indian fintech startup, is dedicated to transforming money management for online businesses through its offerings of clean, developer-friendly APIs and seamless integration. The company provides a fast, cost-effective, and secure solution for merchants, schools, e-commerce platforms, and other organizations to effortlessly accept and disburse online payments. Distinguishing itself in the Indian market, Razorpay is the sole payments solution that enables businesses to accept, process, and disburse payments through its comprehensive product suite.
Established in 2018 and based in Kuala Lumpur, Malaysia, Curlec is a company that focuses on providing tailored solutions to meet businesses’ recurring payment needs. Their area of expertise lies in developing technology solutions that optimize existing payment infrastructure, simplifying the process for companies of all sizes to effectively collect recurring payments and achieve better control over their cash flows.
Key takeaways for competitive examinations
- CEO and Co-founder of Razorpay: Harshil Mathur
- CEO and Co-founder of Curlec: Zac Liew
- Razorpay Founded: 2013