Curlec, a Malaysian direct debit payment company, has closed its seed funding round led by venture capital firm Captii Ventures.
The payment provider did not reveal the amount of capital raised.
Captii CEO 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.”
With the investment, Curlec aims to bolster its Malaysian presence and extend its online direct debit payments platform to the mass SME market.
Curlec co-founder and CEO Zac Liew said: “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 Curlec aims to provide a solution that takes the pain out of collecting payments to let businesses actually focus on growing their business.”
Curlec’s technology is said to ease out the process of collecting recurring payments.
The payments platform serves as an intermediary between a business and the banks of its consumers.
The firm counts CTOS, Funding Societies, and HelloGold among its clients. It has processed payments worth over $12.2m since its inception last year.