Curlec by Razorpay: Company Profile

Background

Overview

Curlec by Razorpay is a full-stack payment solutions provider that simplifies payment collection, automates payouts, and empowers businesses to manage their cash flow effectively. Established in Malaysia, Curlec has evolved from a recurring payments specialist to a comprehensive payment gateway, serving a diverse clientele across various industries. In February 2022, Razorpay, India's leading payments and banking platform, acquired a majority stake in Curlec, marking its first international expansion into Southeast Asia.

Mission and Vision

Curlec's mission is to revolutionize the digital payment landscape by providing seamless, efficient, and secure payment solutions tailored to the needs of businesses in Malaysia and the broader Southeast Asian region. The vision is to drive the adoption of real-time payments, contributing to the creation of a cashless society and fostering economic growth through enhanced financial inclusion.

Primary Area of Focus

The company focuses on delivering a comprehensive suite of payment services, including:

• Payment Gateway: Enables businesses to accept online payments via various channels.

• Payment Links and Pages: Facilitates easy collection of payments through customizable links and pages.

• Payment Buttons: Allows businesses to integrate payment options seamlessly into their websites.

• Subscriptions: Manages recurring billing and subscription-based payments.

• Invoices: Simplifies the creation and management of digital invoices.

These services are designed to cater to businesses of all sizes, from startups to large enterprises, across various sectors.

Industry Significance

Curlec by Razorpay plays a pivotal role in the fintech industry by bridging the gap between local and international payment gateways. Its solutions are instrumental in driving the digital transformation of businesses in Malaysia, enabling them to offer enhanced payment experiences to their customers. The company's commitment to real-time payments aligns with Malaysia's financial sector blueprint, which aims to increase e-payment per capita at a compound annual growth rate (CAGR) of over 15% by 2026.

Key Strategic Focus

Core Objectives

• Expansion of Service Offerings: Transitioning from a recurring payments provider to a full-stack payment gateway to meet the diverse needs of businesses.

• Market Penetration: Serving over 5,000 businesses with a target of RM10 billion in annualized Gross Transaction Value (GTV) by 2025.

• Technological Innovation: Leveraging Razorpay's technology to enhance payment solutions and drive the adoption of real-time payments.

Specific Areas of Specialization

• Real-Time Payments: Facilitating instant fund transfers through integration with Malaysia's DuitNow system.

• Recurring Billing: Managing subscription-based payments for businesses across various sectors.

• Automated Payouts: Streamlining disbursements to vendors, employees, and contractors.

Key Technologies Utilized

• Payment Gateway Infrastructure: Robust and secure systems for processing online transactions.

• API Integrations: Seamless connectivity with various payment channels and financial institutions.

• Data Analytics: Utilizing analytics to provide insights into transaction patterns and business performance.

Primary Markets Targeted

• Malaysia: Serving over 700 businesses, including notable clients such as Tune Protect, CTOS, Courts, Mary Kay, and The National Kidney Foundation.

• Southeast Asia: Expanding services to other countries in the region, leveraging Razorpay's expertise and resources.

Financials and Funding

Funding History

Curlec was acquired by Razorpay in February 2022, marking its first international expansion. Prior to the acquisition, Curlec had secured funding from various investors, including:

• Sequoia Capital India: A leading venture capital firm.

• Tiger Global: A prominent investment firm.

• Lone Pine Capital: A global investment firm.

• TCV: A technology-focused investment firm.

The acquisition by Razorpay provided Curlec with additional resources to expand its services and enhance its technological capabilities.

Total Funds Raised

Specific details regarding the total funds raised by Curlec prior to the acquisition are not publicly disclosed.

Notable Investors

The key investors in Curlec include Sequoia Capital India, Tiger Global, Lone Pine Capital, and TCV.

Utilization of Capital

The capital raised has been utilized for:

• Product Development: Enhancing payment solutions and expanding service offerings.

• Market Expansion: Entering new markets within Southeast Asia.

• Technological Advancements: Integrating with real-time payment systems like DuitNow.

Pipeline Development

Key Pipeline Candidates

As a full-stack payment gateway, Curlec by Razorpay continues to develop and refine its suite of services, focusing on:

• Enhanced Payment Gateway Features: Introducing new payment methods and improving transaction security.

• Advanced Analytics Tools: Providing businesses with deeper insights into payment data.

• Integration with Additional Financial Institutions: Expanding the range of supported banks and payment channels.

Stages of Development

Curlec's services are in various stages of development, with ongoing enhancements to existing offerings and the introduction of new features to meet market demands.

Target Conditions

The company aims to address the following conditions:

• Fragmented Payment Ecosystem: Providing a unified platform for diverse payment needs.

• Lack of Real-Time Payment Solutions: Facilitating instant transactions through integration with DuitNow.

• Complex Payment Processes: Simplifying payment collection and disbursement processes for businesses.

Anticipated Milestones

• 2025: Achieving RM10 billion in annualized Gross Transaction Value (GTV).

Technological Platform and Innovation

Proprietary Technologies

• Payment Gateway Infrastructure: A secure and scalable system for processing online transactions.

• API Integrations: Customizable APIs for seamless connectivity with various payment channels and financial institutions.

Significant Scientific Methods

• Data Analytics: Utilizing data analytics to provide insights into transaction patterns and business performance.

• Real-Time Payment Processing: Implementing real-time payment solutions through integration with DuitNow.

AI-Driven Capabilities

While specific AI-driven capabilities are not detailed, Curlec's focus on data analytics suggests the potential use of AI to enhance payment processing and customer insights.

Leadership Team

Key Executives

• Zac Liew: Co-Founder & CEO of Curlec by Razorpay. Prior to the acquisition, Zac co-founded Curlec in 2017, focusing on recurring payments solutions. Under his leadership, Curlec expanded its services and client base significantly.

• Steve Kucia: Co-Founder of Curlec. Steve played a pivotal role in developing Curlec's payment solutions and expanding its market presence.

• Shashank Kumar: Managing Director & Co-Founder of Razorpay India. Shashank co-founded Razorpay in 2014 and has been instrumental in its growth and international expansion.

Leadership Changes

Following the acquisition by Razorpay, Curlec's leadership team has integrated with Razorpay's management structure to drive the combined company's strategic objectives.

Competitor Profile

Market Insights and Dynamics

The digital payments market in Malaysia is experiencing rapid growth, with projections indicating a 17.06% increase between 2023 and 2027, reaching a volume of $41.74 billion by 2027. This growth is driven by high mobile penetration, strong government support for the digital economy, and the adoption of real-time payment systems like DuitNow.