500 Startups invests in Malaysia fintech Curlec
VENTURE capital firm 500 Startups has invested in Malaysia-based fintech firm Curlec, which will use the new capital to grow its Malaysian operations further.
This will be done through product development, strategic initiatives and market expansion, 500 Startups and Curlec said in a joint statement on Monday.
Curlec was founded in 2018 by Zac Liew and Steve Kucia to help businesses collect recurring payments and take control of their cash flow. Curlec does this by building technology on top of direct debit bank-to-bank payment infrastructure - a system which was historically only accessible to large corporates.
The startup serves companies such as AXA Affin, Axiata and Stashaway, as well as a wide range of small and medium enterprises. It has also processed over RM250 million (S$81.5 million) through its platform since its launch.
Mr Liew said despite the Malaysia lockdown, the firm is continuing to average 20 per cent month-on-month growth in 2020 in transaction volumes. This comes as many traditional business shift online.
As the market continues to evolve, he added that Curlec is expanding its vision further to help businesses grow by enabling them to enter the subscription economy firstly in Malaysia, followed by South-east Asia.
500 Startups managing partner Khailee Ng said there is a huge opportunity for Curlec to grow in this space. This comes amid unprecedented collaboration between fintechs and the governments in solving national issues of financial inclusion and digitalisation of economies in Malaysia and other Asean countries.
Author: VIVIENNE TAY