In an announcement posted on their official website, fintech startup Curlec shared that they had secured new funding from 500 Startups albeit at an undisclosed amount.
The startup provides services that simplify how businesses collect recurring payments and have better control of their cash flow. With technology to facilitate, Curlec does this by granting businesses of all sizes the opportunity to access a Direct Debit bank-to-bank payment infrastructure – an approach that was conventionally reserved for larger companies.
With the fresh capital obtained, the Malaysian-based Curlec looks to further their operations in Malaysia via product development, strategic initiatives as well as market expansion. Co-established in 2018 by Zac Liew and Steve Kucia, Curlec received seed capital from Captii Ventures and has since worked with major companies like AXA, Axiata, Affin, Stashaway, along with other small-medium enterprises (SMEs). Since its inception two years ago, the platform have also processed over US$50 million (RM250 Million) transactions
Despite the movement control orders imposed in Malaysia in light of the pandemic, Liew shared that Curlec’s month-on-month growth by transaction volumes is averaging at 20% – possibly due to traditional businesses pivoting to online alternatives for their financial operations.
Commenting on the new investment, Managing Partner of 500 Startups, Khailee Ng shared that “Curlec has successfully gained strong traction in fulfilling the current market needs, in addition to accelerating business performance. There is a huge opportunity for the company to grow in this space, especially now with the unprecedented collaboration between FinTechs and governments in solving national issues of financial inclusion and digitalisation of economies not just in Malaysia, but also with other ASEAN countries on a national FinTech roadmap level.”
With the healthy momentum that Curlec is gaining, paired with the adoption of digital payments set to surpass US$1 trillion by 2025 it would be an opportune time for Curlec to expand in the region and beyond.