Multi-stage investor Captii Ventures has led a seed funding round into Curlec, a Malaysia-based online direct debit payments company, according to an official release.
Terms of finance of the investment were not disclosed.
Curlec plans to use the proceeds to further grow its Malaysian operations and expand its presence in the SME market.
Launched in early 2018, Curlec makes it easy for businesses to collect recurring payments and take control of their cash flow. Curlec now enables businesses of all sizes to access this payment mechanism by providing a simple, online solution that offers APIs to automate the entire collection workflow.
“I believe that this new addition into Captii Venture’s portfolio will bring great value to the payments ecosystem, initially in Malaysia and later throughout Southeast Asia,” said Ng Sai Kit, Chief Executive of Captii Ventures.
“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. We have been tracking Curlec’s progress since as early as March 2018 and they have achieved significant milestones to date,” he added.
Curlec, a VC-backed fintech company, offers a simple solution for collecting direct debit & FPX payments online, allowing businesses to be in control of when they get paid.
“Cash flow is the lifeblood of any business, particularly with SME companies, and up until now collecting payments has been incredibly admin-heavy and expensive. SMEs have traditionally been underserved by banks, so we are stepping in to provide a simple solution that takes the pain out of collecting payments so they can focus on growing their business,” said Zac Liew, co-founder and CEO of Curlec.
Captii Ventures invests in marketplaces, new media, fintech, agritech & enterprise applications. Its investments include Curlec, Digify, PouchNation, AzStack, Shoppertise, Mimosatek, BFab, Avana, Alterra, UangTeman, Sorabel, Muslim Pro, Sendhelper, OnOnPay and Computer Guys.