New Delhi: In collaboration with curlec, a startup it bought last year, the Bengaluru-based fintech business Razorpay has announced the opening of its payment gateway in Malaysia.
By 2025, the new Curlec Payment Gateway by Razorpay hopes to work with over 5000 firms in Malaysia, with an annualised Gross Transaction Value (GTV) of RM10 billion as a target.
According to industry data cited by Razorpay in its corporate statement, digital trade accounts for 22.6% of Malaysia’s GDP and is projected to rise to 25.5% by 2025. The potential for this is to accelerate corporate growth by 150%.
The fintech firm plans to introduce similar products in the Malaysian market as 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.
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.”
Since making this statement, Curelec has evolved from a recurring payments specialist to a full-stack digital payment gateway. It presently collaborates with more than 700 companies in Malaysia, including the National Kidney Foundation, the credit reporting agency CTOS, the cosmetics and skincare company May Kay, and online insurance provider Tune Product, among others.
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.”