ONLINE direct debit payments company Curlec has completed its seed funding round led by Captii Ventures. The Malaysia-based venture capital-backed fintech company did not disclose the amount raised.
Curlec told BT that the funds will be used to bulk up the company's sales and marketing team in Malaysia, and for the company to expand regionally.
Curlec's online direct debit payments platform enables businesses of all sizes to access the interbank direct debit mechanism by automating the entire collection workflow. Acting as an intermediary between a business and its consumers’ banks, the company's software replaces the old method of paper workflow with a more efficient cloud-based solution.
Since its launch in 2018, it has processed in excess of RM50 million (S$16.6 million) worth of transactions and served companies such as CTOS, Funding Societies, HelloGold and a wide range of small and medium enterprises (SMEs).
Though a number of players have already tapped markets across Europe and other developed nations, direct debit has historically had low penetration across Malaysia and South-east Asia, said the company in a statement on Tuesday.
“We’re delighted to have secured funding from Captii Ventures and are looking forward to bringing direct debit to the Malaysian SME market and beyond,” said Curlec co-founder and CEO Zac Liew.
Captii Ventures chief executive Ng Sai Kit said: "There is a large opportunity in this space, as direct debit has traditionally been the hardest payment method for businesses and consumers to access prior to the introduction of Curlec".