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Curlec

“Can a Malaysia-native direct debit specialist become the dominant SEA payments rail under Razorpay's umbrella?”

Founded2018
HQKuala Lumpur, Malaysia
Latest roundAcquired by Razorpay (2022)
IndustryInfrastructure / Payments
The story

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.

Last 12 months
2024-06
Product timeline
2018
Curlec founded in Malaysia as a direct debit payments platform· pivot
2020
Named Malaysian Best FinTech Startup· pivot
2022
Acquired by Razorpay, India's largest payments and banking platform· acquisition
2024
Partnership with Seedflex to offer PAYS Advance revenue-based financing to merchants· lending
Regulated entities
Payment System Operator (Direct Debit)
Malaysia (Bank Negara Malaysia)
Razorpay Curlec Sdn. Bhd.
The stack
Payments / PSP
Razorpay Curlec (self-operated)
Lending
PAYS Advance (revenue-based financing)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)
Accounting gap: minor