Razorpay India Launches Its First International Payment Gateway In Malaysia
India's fintech giant Razorpay has launched its first international payment gateway in Malaysia with Curlec, now known as 'Curlec by Razorpay'.
In February 2022, Razorpay announced its first international expansion in South-East Asia with the acquisition of a majority stake in Curlec.
Curlec has been working over the past 5 years to revolutionize the way businesses in Malaysia accept digital payments. The new Curlec payment gateway will serve over 5,000 businesses with a target of RM10bn in annual gross transaction value (GTV) by 2025.
South-East Asia (SEA) is a digital payments powerhouse and Malaysia is one of the fastest-growing digital economies in the SEA. According to recent reports, digital business in Malaysia today contributes 22.6% to the country's GDP and is expected to grow to 25.5% by 2025, indicating significant economic activity.
Malaysia's real-time payment system, also known as DuitNow, is another major catalyst for the acceptance of cashless payments by merchants.
Razorpay
Razorpay was started in 2014 by Harshil Mathur and Shashank Kumar, two alumni of IIT Roorkee. Razorpay, Byju's, Swiggy, and Dream11 were among six Indian companies to feature in the World's Top 100 Unicorns list released recently by Hurun. India has retained the third position in the index with 68 unicorns this year.
