Indian fintech unicorn Razorpay has on Wednesday launched a full-stack payment gateway in Malaysia through Curlec, a Malaysian fintech firm it acquired last year.

Curlec said in a statement on Wednesday that the Curlec Payment Gateway will serve more than 5,000 businesses with a target of MYR 10 billion ($2.15 billion) in annualized gross transaction value (GTV) by 2025.

The growth is driven by Malaysia’s fast-growing digital economy which is projected to be worth $35 billion in gross merchandising value by 2025, high mobile-phone penetration rate, and strong government support for the digital economy.

It said that Malaysia’s real-time payments system, also known as DuitNow, is another key catalyst for merchant acceptance of cashless payments and has significantly aided the emergence of mobile transactions.

Given the fast-growing economies of Malaysia and the broader Southeast Asia region, the scope and need for more robust, reliable, and advanced payment solutions is undeniable, said Curlec.

In leveraging Razorpay India’s industry-first solutions and its extensive experience working with multiple sectors, Curlec said it intends to incorporate the same innovative technologies that proved successful in the Indian market.

“We see great potential in the Southeast Asian market and are delighted to announce the launch of our first international payment gateway in Malaysia,” said Shashank Kumar, Managing Director and Co-Founder of Razorpay.

He said the firm recognizes the power of payments in Malaysia and what it means for businesses of all sizes, regardless of sector.

The firm’s extensive experience operating in India’s diverse and dynamic market has also prepared them to pursue growth on a global scale, he said.

“When we joined forces with Curlec a year ago, our vision was to build products that cater to the needs of Southeast Asian users,

“The unveiling of the new Curlec Payment Gateway today is a first step in that direction,” he said.

He also believes the new payment gateway will revolutionize how Malaysian businesses and end-consumers transact and engage with each other.

“Going forward, I believe that collaboration, innovation, and customer-centricity will be the three keys to unlocking the potential of digital payments and driving economic growth in Malaysia,” he added.

Zac Liew, Co-Founder and Chief Executive Officer of Curlec by Razorpay, said with the launch of the Curlec Payment Gateway, the firm is now a full-stack payment solutions provider, having combined the expertise of both Curlec and Razorpay India.

“We hope to build on our recent significant traction, notably in insurance, lending, and savings, where we tracked a 110 percent increase in transaction volumes,

“With Curlec providing an unrivalled payment experience for our customers, we are targeting 10 times growth by 2025,” he said.

Driven by the goal of simplifying payments for Malaysian startups and enterprises, he said Curlec will continue to build a stronger focus on customer needs, and the new payment gateway that will help Malaysian businesses scale seamlessly with industry-first solutions and uncompromised support.

After being acquired by Razorpay, Curlec has transitioned from a dedicated recurring payments solution to a full stack payment gateway for businesses of all sizes.

Curlec by Razorpay combines India’s tech capabilities with a deep local understanding of the Malaysian payments ecosystem.

It aims to provide businesses with a payment gateway that accepts payments, automates payouts and helps them focus on their customers.

By harnessing the Razorpay technology that powers 10 million businesses in India, the all-new Curlec Payment Gateway aims to offer an uncompromised payment experience to Malaysian merchants.

Curlec by Razorpay is currently used by over 700 businesses ranging from small and medium-sized enterprises (SMEs) to enterprises, and has improved payments for some of Malaysia’s brands including Tune Protect, CTOS, Courts, Mary Kay and The National Kidney Foundation.

Indian payment platform Razorpay buys majority stake in Malaysian fintech firm Curlec