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Fintech unicorn Razorpay has obtained the licence to acquire merchants in Malaysia via its arm Curlec, a move that would help the company further strengthen its presence in the South-East Asian country.
Curlec has also become a non-bank member of Payments Network Malaysia Sdn Bhd (PayNet), the national payments network and shared central infrastructure for Malaysia’s financial markets, said Razorpay in its statement.
With its expertise in UPI, along with its extensive experience in understanding and innovating in a dynamic landscape like India, Razorpay will empower Curlec to fast-track adoption of real-time payments in Malaysia through DuitNow.
The fintech major bought the Malaysian startup Curlec in a $20 million deal in February last year. Following this, the unicorn launched its first international payment gateway with Curlec in July this year.
Utilising Razorpay’s technology, which serves 10 million businesses in India, the Curlec payment gateway aims to connect local and international payment gateways.
“Malaysia is an important strategic market for us as we see plenty of similarities with the Indian payments market. Our extensive experience in navigating the diverse and dynamic landscape of the Indian market empowers us to continually leverage that expertise, tackling various challenges and resolving payment issues on a global scale,” said Rahul Kothari, chief business officer of Razorpay.
Eyeing opportunities
Razorpay is eyeing opportunities in Malaysia’s growing digital economy. In 2021 digital trade made up 22.6 per cent of Malaysia’s GDP, which is expected to grow to 25.5 per cent by 2025, as per a report.
“Since launching our Payment Gateway in July, we are now processing in excess of RM2 billion annually and serving over 1,000 merchants. This sets the platform for Curlec to bring further innovation to Malaysia’s digital payment landscape, as well as scale DuitNow to the next level with our expertise in real-time payments – both in India and Malaysia,” said Zac Liew, cofounder & CEO of Curlec by Razorpay.
Last month, Razorpay acquired Mumbai-based digital invoicing and customer engagement startup BillMe to engage better with end customers.
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