Fintech unicorn Razorpay has expanded its presence in the Malaysian market with the introduction of its first international payment gateway, ‘Curlec By Razorpay.’ Following its acquisition of Malaysian startup Curlec in a $20 million deal in February last year, Razorpay aims to bridge the gap between local and international payment gateways using its technology, which currently serves 10 million businesses in India.
Curlec Payment Gateway to Serve Thousands of Businesses
Curlec, a recurring payments specialist, already collaborates with over 700 Malaysian businesses, including prominent names like CTOS, Courts, Mary Kay, Tune Protect, and The National Kidney Foundation. With the launch of the new Curlec Payment Gateway, Razorpay plans to extend its services to more than 5,000 businesses, targeting an annualized Gross Transaction Value (GTV) of RM10 billion ($2.1 billion) by 2025.
Razorpay’s Vision for Southeast Asia
Shashank Kumar, Managing Director and Co-founder of Razorpay India, expressed the company’s vision for the Southeast Asian (SEA) region. Kumar stated, “When we joined forces with Curlec, our single vision was to build products that cater to the needs of the SEA region, and today the Curlec Payment Gateway is a first step in that direction.” Razorpay recognizes the potential in Southeast Asia and believes that their experience operating in India’s diverse market has prepared them to tackle global payment challenges.
Expanding into International Markets and Domestic Growth
By entering the Malaysian market, Razorpay aims to leverage the opportunities presented by Malaysia’s growing digital economy. A 2021 report highlighted that digital trade contributed 22.6% to Malaysia’s total GDP and is projected to increase to 25.5% by 2025. Razorpay views collaboration, innovation, and customer-centricity as crucial factors for unlocking the potential of digital payments and driving economic growth in Malaysia.
While expanding internationally, Razorpay also continues to strengthen its domestic capabilities to keep pace with India’s evolving digital payments ecosystem. The company recently introduced ‘Turbo UPI,’ a one-step payment solution for the Unified Payments Interface (UPI) network. Additionally, Razorpay joined India’s Open Network for Digital Commerce (ONDC) platform to streamline payment processes. To enhance its offerings and ensure better corporate governance and compliance in India, Razorpay appointed former RBI deputy governor N.S. Vishwanathan as its chairperson in April.
However, regulatory challenges remain a significant concern for fintech startups in India. The Unicorn, along with other fintech entities, has faced scrutiny from the Enforcement Directorate (ED) regarding money laundering allegations in a Chinese loan app case.
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