“Can a Malaysia-native direct debit specialist become the dominant SEA payments rail under Razorpay's umbrella?”
Founded in 2018 by ex-PayNet engineers who built Malaysia's direct debit mandate processing system. Started as a recurring payments / direct debit specialist for Malaysian businesses, then expanded into a full-stack payment gateway covering FPX, cards, e-wallets and BNPL. Acquired by India's Razorpay in 2022 and rebranded Razorpay Curlec, positioning itself as Razorpay's APAC beachhead and a cross-border bridge for India-Malaysia commerce.
Curlec processes payments through Razorpay Curlec (self-operated).
Curlec uses Razorpay International Bank Transfer (in-house) for FX and cross-border payouts.
Curlec's payroll is powered by RazorpayX Payroll (in-house, India).
The Embedded Finance Index 2026 maps 4 layers in Curlec's stack: Payments / PSP (Razorpay Curlec (self-operated)); Lending (PAYS Advance (revenue-based financing) and EMI² Suite (Credit Card EMI, Debit Card EMI, Cardless EMI, No Cost EMI, Pay Later)); Payroll (RazorpayX Payroll (in-house, India)); FX & payouts (Razorpay International Bank Transfer (in-house)).
Curlec is founded in 2018 and headquartered in Kuala Lumpur, Malaysia.
Get a read on where your own stack stands against Curlec and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.