Bengaluru (Karnataka) [India], July 12 : India’s home-grown fintech and payments solutions provider Razorpay has announced the launch of its first international payment gateway services in the Malaysian market with Curlec, the startup it acquired earlier.
In February 2022, Bengaluru-headquartered Razorpay which was established in 2014, announced its first international expansion into South-East Asia with the acquisition of a majority stake in Curlec.
The new Curlec payment gateway by Razorpay aims to serve more than 5,000 businesses with a target of Malaysian Ringgit worth 10 billion in annualised Gross Transaction Value (GTV) by the year 2025.
India has emerged as one of the fastest-growing ecosystems for fintech innovation and the PM Modi-led government has been instrumental in driving the globalisation of India's digital payment infrastructure. A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only, but other countries, too, benefit from it.
Meanwhile, Razorpay in a release Wednesday said the firm has 10 million businesses in India, and added that with today’s launch it aims to bridge the gap between local and international payment gateways.
This launch, the company said, is expected to pave the way to further “penetrate into international waters and make its capabilities available in emerging markets”, besides strengthening the Digital India initiative back home.
Stating South-East Asia (SEA) as a digital payment powerhouse, Razorpay said Malaysia and its businesses have the potential to achieve a remarkable 150 per cent increase in economic activity, reaching USD 52.7 billion by 2030.
The Razorpay release, citing unnamed reports, said digital trade in Malaysia today contributes to 22.6 per cent to it’s GDP and is expected to rise to 25.5 per cent by 2025.
“We have always been aware that simplifying payments is a universal problem. We see great potential in SEA (South-East Asia), we recognise the power of payments in Malaysia and what it means for businesses of any kind and size. 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, MD and Co-Founder, Razorpay India.
Zac Liew, Co-Founder and CEO of Curlec said, “We are very excited about bringing a first-of-its-kind offering for our Malaysian businesses. With the launch of our Payment Gateway, ‘Curlec by Razorpay’, we are now a full-stack payment solutions provider, combining the might of both worlds - world-class tech capabilities and an understanding of the local payment ecosystem. In the recent past, Curlec has enjoyed significant traction in insurance, lending, and savings, having tracked a 110 per cent increase in transaction volumes.
Curlec's Co-Founder and CEO added it aims for about 10X growth in the next two years.
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