Razorpay launches full-stack payments in Malaysia

In a statement, the company said it is operating under the brand name ‘Curlec By Razorpay’.

Curlec, which was a recurring payments player, is now going to offer a full-stack digital payments platform to Malaysian businesses.

The company currently works with more than 700 Malaysian businesses, including insurance company Tune Protect, credit scoring company CTOS, and consumer electronics and furniture retailer Courts. The new Curlec payment gateway will serve more than 5,000 businesses with a target of $2 billion in annualised Gross Transaction Value (GTV) by 2025.

This development comes at a time when Razorpay has been asked to stop onboarding new merchants back home by the Reserve Bank of India. The payments firm has also been questioned by the Enforcement Directorate in relation to the Chinese loan app scam that rocked the Indian fintech ecosystem in 2022.

“We see great potential in SEA (SouthEast Asia)…we firmly believe that 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,” said Shashank Kumar, managing director, Razorpay.

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Kumar added that through the acquisition of Curlec, the company plans to build solutions for the entire SEA market, noting that the business operations in Malaysia are the first step in that direction.Citing industry reports, Razorpay said that it expects digital trade in Malaysia to rise to 25.5% of its GDP by 2025 from 22.6% currently. This indicates the open opportunity before the Indian payments giant in these markets.

“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 … target a growth of 10X,” said Zac Liew, cofounder of Curlec.

Razorpay, which was founded by Kumar and Harshil Mathur back in 2014, is currently valued at around $7 billion and has raised more than $800 million in equity funding.