Curlec
AcquiredKuala Lumpur, MY · 4,017 employees on LinkedIn · 6 known investors
Razorpay Curlec is a full-stack payments platform that lets businesses collect payments, automate payouts, and manage cash flow, with a focus on Direct Debit processing. Part of the Razorpay group, it serves businesses of all sizes and operates in Malaysia and India.
Also known as Curlec by Razorpay · Curlec Sdn. Bhd. · Razorpay Curlec
Founders & leadership
Investors · 6
Also in the syndicate · 1
Company profile
researched Aug 2026Curlec, operating as Razorpay Curlec, is a Kuala Lumpur-based payments company that provides tools for businesses to accept payments, automate payouts and manage cash flow. The company began by building technology on top of existing Malaysian payments infrastructure to make it easier for companies of all sizes to collect recurring payments via bank-to-bank direct debit, and later broadened its offering to card payments, payouts, and subscription management and billing.
Its current product suite includes a payment gateway for websites and apps, payment links, custom-branded payment pages, invoices, payment buttons, subscriptions, split-and-transfer routing, bulk and API payouts, and business banking entry points. It supports buy-now-pay-later options through partners such as Atome, and offers e-commerce plug-ins for WooCommerce, Shopify and Magento, plus web, iOS, Android and React Native SDKs, REST APIs, webhooks and server-side SDKs. A cross-border proposition allows Malaysian merchants to sell to Indian buyers via UPI, RuPay, netbanking and cards and settle in Malaysia without an Indian entity.
Since February 2022 Curlec has been majority-owned by Razorpay, an Indian payments and business banking platform; the group reports serving over 8 million businesses and is backed by investors including Sequoia Capital India, Tiger Global, Lone Pine Capital and TCV, with Razorpay having been part of Y Combinator.
Founding story
Founded in 2018 (one source lists establishment in 2017) by Zac Liew and Steve Kucia. The founding team came from the banking technology sector, having built the direct debit mandate processing workflow system used at PayNet, Malaysia's national payments network.
Business model
B2B payments infrastructure: Curlec provides merchants with payment acceptance and payout products (gateway, links, pages, invoices, subscriptions, payouts) delivered via APIs, dashboards and e-commerce plug-ins. Sources do not state pricing terms.
Sources describe transaction-processing products for merchants but do not disclose specific pricing or fee structures. Reported financials show revenue growing from roughly USD 26,000 in FY ending Jan 2019 to about USD 1.82 mn in FY ending Jan 2022, alongside continued operating losses.
Traction
As of 2023, Curlec reported processing in excess of RM2 billion annually and serving over 1,000 merchants following the July 2023 launch of its payment gateway. Earlier coverage described work with hundreds of Malaysian businesses. Reported revenue rose from about USD 300,000 (FY to Jan 2020) to about USD 1.82 mn (FY to Jan 2022).
Latest developments
Following the Razorpay acquisition, Curlec launched a payment gateway in July 2023, reported annualised processing volume above RM2 billion and more than 1,000 merchants, obtained a Malaysian merchant acquiring licence and became a non-bank PayNet member, with plans to scale real-time payments via DuitNow. Its site now promotes cross-border acceptance from Indian buyers with settlement in Malaysia.
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
Positioned as a Malaysian payments provider whose entry point was direct debit and recurring payments, now part of the Razorpay group as its Malaysian and first international payment gateway operation. Third-party data lists competitors including GoCardless, Recurly, Minna Technologies, Simetrik and Duco.
Founding team experience in banking technology — it built the integrated workflow system used for processing Direct Debit mandates at PayNet (Payments Network Malaysia), a Bank Negara subsidiary, live since 2010 and used by major Malaysian banks. Curlec is also a non-bank member of PayNet and holds a merchant acquiring licence in Malaysia, and can leverage Razorpay's real-time payments expertise from India for DuitNow.
Technology
REST APIs returning JSON, webhooks, server-side SDKs, an API playground, and integrations for web, React Native, iOS and Android, plus e-commerce plug-ins. Products span payment acceptance, subscriptions, split payments (Route), risk assessment and offers, and API/bulk payouts.
Go-to-market
Self-serve online sign-up and quick onboarding with access to the full product suite and APIs, supported by e-commerce platform plug-ins (WooCommerce, Shopify, Magento) and developer documentation. Distribution is reinforced by the Razorpay group relationship and cross-border access to Indian buyers.
Businesses of all sizes in Malaysia, including e-commerce sellers, SaaS providers, retail businesses and subscription-based companies. Reported customers have included insurer AXA, lending platform Funding Societies and Axiata Digital.
Geography
Headquartered in Kuala Lumpur, Malaysia (Komune Co-Working, Bangsar South City), with an India headquarters in Bangalore, Karnataka. Operations focus on Malaysia, with cross-border payment acceptance from Indian buyers.
History
Established 2017/2018 in Kuala Lumpur, Curlec initially focused on bank-to-bank recurring payments via direct debit before adding cards, payouts and subscription billing. It raised backing from investors including 500 Global/500 Startups and Captii Ventures. In February 2022, Razorpay acquired a majority stake, reported at $20 Mn. Razorpay launched its first international payment gateway with Curlec in July 2023, and Curlec subsequently obtained a merchant acquiring licence in Malaysia and non-bank membership of PayNet. The company now operates under the Razorpay Curlec brand.
Risks & controversies
Reported financials show sustained operating losses across fiscal years ending January 2018 to January 2022, though losses narrowed as revenue grew. Third-party data sources disagree on founding year (2017 vs 2018) and on revenue figures for the year to January 2021, and some provider data (e.g., references to funding from AIMZ Capital and Matrix Partners) is not corroborated elsewhere in the material.
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Competitors · 7
by search overlap
Companies competing with Curlec for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline · 7
launches, deals, and filingsRazorpay launched its first international payment gateway through Curlec in Malaysia, connecting local and international payment methods.
Curlec secured a licence to acquire merchants in Malaysia and became a non-bank member of Payments Network Malaysia Sdn Bhd (PayNet), the national payments network, supporting real-time payments adoption via DuitNow.
Razorpay acquired a majority stake in Malaysian recurring-payments platform Curlec; Inc42 reports the deal was valued at $20 Mn, and The Company Check dates the acquisition to 8 February 2022.
$20M source ↗
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 8
primary sources listed
- Curleccurlec.com · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Curlec do?
- Malaysian full-stack payments platform, majority-acquired by Razorpay in 2022, known for direct debit and recurring payments.
- Who are Curlec's investors?
- Curlec's investors include Peak XV Partners, TCV, Tiger Global Management, 500 Global, Captii Ventures.
- Where is Curlec headquartered?
- Curlec is headquartered in Kuala Lumpur, MY.