The VC-backed FinTech company, Curlec, came into existence in the year 2017. The firm seeks to assist businesses of all sizes. Curlec helps companies control cash flow and facilitates the collection of recurring payments of varying amounts. To put it simply, Curlec makes administering bank-to-bank payments easier by intermediating between buyers, sellers, and their banks. Besides that, the API-automated system of the company makes it feasible for SMEs to get rid of manual methods like cash and cheques. The Malaysia-based direct debit payment firm has recently raised seed funding from Captii Ventures.
The Story So Far
Curlec has received investment from Captii Ventures and has terminated its seed funding round. Captii Ventures is a renowned investor known to back marketplaces, fintech, new media, agrotech and enterprise applications. As for the funds, Curlec plans to utilize this capital to grow its Malaysian operations. Not just that, the startup aims to take their direct debit payments platform to the universal SME market.
Cash flow is essential for all businesses, especially SME companies. Until now, the collection of payments has been inordinately admin-heavy and costly. Since SMEs have always been underserved by banks, Curlec aims to provide a solution for simplifying the collection of payments so companies can shift their focus to other important aspects such as the growth of the business.
Prior to introducing Curlec, direct debit has traditionally been the most difficult method for businesses and consumers to access. As compared to Europe and other developed nations, direct debit has low penetration on Malaysia and the rest of Southeast Asia. According to Curlec, this approach requires a dedicated and bigger workforce to manage this admin task, something that every SME cannot afford. On this account, Curlec aims to provide businesses with assistance so they can easily collect recurring payments and control cash flow.
The Road Map
Curlec makes the collection of payments easier and more convenient for businesses. With its software, the online direct debit payments firm substitutes the old error-prone method with a cloud-based solution that eliminates the need for businesses to staff large finance divisions and enhances customer experience simultaneously. The company offers an inexpensive and efficacious way for businesses to control cash flow and collect recurring payments.
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