Fiuu

What Fiuu does

Fiuu (formerly Razer Merchant Services) is a Southeast Asian payment gateway and acquirer founded in 2005 and headquartered in Shah Alam, Malaysia. The company provides a single-integration payment platform supporting over 110 payment methods across nine markets (Malaysia, Singapore, Philippines, Thailand, Vietnam, Indonesia, Taiwan, Hong Kong, and China), serving more than 60,000 merchants and processing US$13 billion in total payment volume across 960+ million transactions in 2025. Its product surface spans online payment acceptance (API, Mobile XDK, hosted checkout, tokenization, seamless embedded checkout, marketplace and recurring payments, mass payouts), in-person acceptance (Virtual Terminal iOS app, Tap to Pay on iPhone, dual-screen payment terminals, QR and NFC), and value-added services (reloads, bill payment, gift cards, Fiuu Cash over-the-counter payments at 2,000+ 7-Eleven branches, and Restorify carbon offsets). Notable technology differentiators include seamless checkout integration that reduces cart abandonment by 46.3%, first-mover enablement of Samsung Pay Online in Malaysia, and Tap to Pay on iPhone support in Singapore and Malaysia.

Fiuu operates a hybrid go-to-market combining a digital self-serve portal (Fiuu Booster) for SMB onboarding, direct enterprise sales for global brands (Google, Alibaba, TikTok, Grab, Starbucks, adidas, Nike), and partner referral agents for terminal distribution. Revenue is generated primarily through transaction fees (MDR) on US$13B TPV, supplemented by gateway/settlement/TT fees, value-added services at retail points, and emerging Restorify carbon credit fees. The company holds PCI DSS Level 1 and ISO 27001:2022 certifications and is supported by an engineering team of 101-250 employees across Malaysia and Singapore offices, with strategic partnerships spanning Mastercard, Visa, Apple, Samsung, Google, Alipay+, Grab, Atome, FPX, and DuitNow.

The company is privately held by its parent group (no VC funding disclosed), operates two legal entities (Razer Merchant Services Sdn Bhd in Malaysia and Razer Fintech (SG) Pte. Ltd. in Singapore), and in 2025 completed a rebranding from Razer Merchant Services to Fiuu while maintaining its regional operating footprint and enterprise customer base.

Name

Fiuu

Legal name

Razer Merchant Services Sdn Bhd

Website

https://fiuu.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

101–250 employees

Short description

Fiuu is a Southeast Asian payment gateway and acquirer providing online and in-person payment acceptance across 110+ methods and nine markets to over 60,000 merchants, including global brands like Google, TikTok, Grab, and Starbucks, processing US$13 billion in annual payment volume.

Ownership category

akta.pro rank

Product category

Payment Gateway

NAICS

Credit Intermediation and Related Activities (522)

SIC

Finance Services (6199)

akta.pro primary industry

Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)

akta.pro secondary industry

BNPL Card / Virtual Card Programs (FSAKACAC)

Keywords

• Payment gateway solutions
• Online payment processing
• In-person payment terminals
• E-commerce checkout integration
• Merchant acquiring services

Headquarters

HQ city

Shah Alam

HQ country

Malaysia

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Transaction Fees / Merchant Discount Rate (MDR): Fiuu earns revenue by charging merchants a Merchant Discount Rate (MDR) or transaction fee on each payment processed. This is a consumption-based model where revenue scales directly with merchant transaction volume. The company processed US$13 billion in total payment volume in 2025 across more than 960 million transactions.
2. Gateway and Platform Fees: Additional fees including gateway fees, settlement fees, and telegraphic transfer (TT) fees charged to merchants for using Fiuu's payment infrastructure and fund transfer services.
3. Value-Added Services: Revenue generated from offering telco and e-wallet reloads, utility and bill payments, international airtime, game credits, and productivity tools through merchants' retail outlets, expanding revenue opportunities beyond payment processing.
4. Restorify Carbon Credit Services: Revenue from traceable and fractionalised carbon credit offset solutions and carbon emission calculator services, where Fiuu (via Razer Fintech) invoices merchants for carbon credits sold to end consumers and sub-merchants.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels7 records

Core offering

Fiuu is a Southeast Asia payment gateway and acquirer that enables merchants to accept online and in-person payments across 110+ payment methods, including credit/debit cards, e-wallets, QR payments, BNPL, and bank transfers through a single integration. The company provides a Virtual Terminal mobile app, hardware payment terminals, and a Booster self-serve merchant onboarding portal, alongside specialized solutions for marketplace, recurring, installment, mass, and over-the-counter cash payments.

Product overview

Fiuu operates as a comprehensive payment platform providing both online and in-person payment solutions across Southeast Asia. The core offering consists of the Virtual Terminal (mobile payment app) and Gateway Solutions for online merchants, supplemented by specialized modules including Marketplace Payment for multi-vendor platforms, Recurring Payment for subscriptions, Instalment Payment for BNPL options, Mass Payment for bulk disbursements, and Payment Links for link-based collection. The platform supports over 110 payment methods across channels including cards, e-wallets (Apple Pay, Google Pay, Samsung Pay), bank transfers (FPX, DuitNow), BNPL services (Atome, GrabPay Later), and cash payments via Fiuu Cash over-the-counter. Restorify provides carbon credit offset functionality. For in-person payments, Fiuu offers physical payment terminals and value-added services including reloads, bill payment, and gift cards. The Fiuu Booster portal provides merchant onboarding and account management. The platform integrates with 30+ global e-commerce shopping carts including Shopify, WooCommerce, Magento, and OpenCart.

Differentiator

Problem solved

Functional benefit

Brands

• Fiuu Cash: Over-the-counter cash payment solution allowing customers to pay online with cash at retail locations like 7-Eleven
• Restorify
• Fiuu Virtual Terminal
• Fiuu Booster
• Fiuu Parcel+

Products and services

• Virtual Terminal (Fiuu VT) All-in-one mobile payment processing application that enables merchants to accept in-person contactless payments, including credit/debit cards, Apple Pay, and digital wallets using only an iPhone. Supports Tap to Pay on iPhone in Singapore and Malaysia on iPhone 11 or later devices.
• Mobile XDK Optimized cross-platform mobile payment development kit that enables merchants to integrate local and cross-border payment processing into native mobile applications.
• Online Payment Gateway (Gateway Solutions) Complete payment gateway infrastructure connecting online businesses to payment networks and e-commerce platforms, supporting cards, e-wallets, BNPL, QR, and bank transfer methods through a single integration.
• Marketplace Payment Multi-vendor payment solution that accommodates the complexity of transactions between multiple sub-merchants within marketplace platforms, managing split payments and sub-merchant onboarding.
• Recurring Payment Automated billing solution enabling subscription-based merchants to charge customers on a recurring basis using stored payment methods.
• Instalment Payment Instalment payment solutions enabling customers to pay in flexible instalments through credit card instalment plans and BNPL services including Atome and GrabPay Later.
• Mass Payment Bulk disbursement solution enabling merchants to send payouts to multiple recipients simultaneously, used for vendor payments, affiliate commissions, and marketplace seller settlements.
• Payment Links Shareable payment URL solution enabling merchants to accept card, online banking, e-wallet, and BNPL payments without requiring website integration.
• Dual-Screen Payment Terminal Physical point-of-sale payment terminal hardware supporting contactless cards, mobile wallets, DuitNow QR, and cross-border QR payments, with dual-screen interface, payment sound alerts, and digital receipt capability.
• Fiuu Cash Over-the-counter cash payment solution enabling online shoppers to pay with cash at physical retail outlets such as 7-Eleven branches in Malaysia, with more than 2,000 payment points.
• Restorify Carbon emission calculator and traceable fractionalised carbon credit offset solution for consumers and businesses, integrated via API for e-commerce platforms and operated by Razer Fintech (SG) Pte. Ltd.
• Fiuu Parcel+ Logistics partner integration service connecting merchants with parcel delivery providers alongside payment processing.
• Reloads Over-the-counter telco and e-wallet reload service enabling retail merchants to offer mobile credit and digital wallet top-ups to walk-in customers.
• Bill Payment Utility and bill payment service enabling retail outlets to collect bill payments on behalf of billers, generating additional revenue streams.
• Gift Card Gift card program enabling merchants to issue and accept prepaid gift cards as a payment method for in-store purchases.
• Offline E-Wallet Digital wallet acceptance service for offline retail environments, enabling merchants to accept mobile wallet payments at physical point-of-sale locations.

Quantifiable outcome

• 46.3% reduction in cart abandonment rate achieved through Fiuu's seamless checkout integration
• +3 more outcomes

Named customers19 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration15 records

Feature12 records

Partnerships

Eleven partnerships are on record, tiered core.

• AtomecoreTechnology or IntegrationFiuu partnered with Atome, Asia's leading Buy Now Pay Later brand, to enable flexible deferred payment acceptance during checkout at online and offline Fiuu merchants. Starbucks was among the first Fiuu merchants to pioneer Atome's payment method. The partnership enables consumers who do not have access to card scheme instalments to pay in flexible installments, with Fiuu extending the partnership across Southeast Asian markets.
• SamsungcoreTechnology or IntegrationFiuu became the first payment acquirer in Malaysia to enable Samsung Pay Online, expanding contactless payment acceptance options for merchants. Samsung Pay Online integration allows Fiuu merchants to accept payments from Samsung Pay users.
• ApplecoreTechnology or IntegrationFiuu supports Apple's Tap to Pay on iPhone technology, enabling its merchants in Singapore (December 2025) and Malaysia (April 2026) to accept contactless payments using only an iPhone and the Fiuu Virtual Terminal iOS app. Supports credit/debit cards, Apple Pay, and digital wallets via NFC without additional hardware.
• GooglecoreTechnology or IntegrationFiuu supports Google Pay as a payment channel for merchants, enabling customers to pay with Google Pay at checkout. Merchants using Fiuu can enable Google Pay alongside other payment methods.
• MastercardcoreTechnology or IntegrationFiuu plans to expand Mastercard Click to Pay across Malaysia, Singapore, and the Philippines in 2026, providing merchants with additional secure cardless payment options.
• VisacoreTechnology or IntegrationFiuu plans to expand Visa instalment payment solutions across Malaysia, Singapore, and the Philippines in 2026, enabling merchants to offer card-based instalment payment options to customers.
• Alipay+coreTechnology or IntegrationFiuu supports Alipay+ Solution enabling cross-border QR payments and Alipay Payment processing, allowing merchants to accept payments from international Alipay users and supporting regional QR payment interoperability.
• Grab (GFin / GPay)coreTechnology or IntegrationFiuu supports GrabPay and Grab Pay Later payment channels, enabling merchants to accept Grab's mobile wallet and deferred payment options. Grab's PayLater Postpaid and PayLater Instalments products are integrated through Fiuu's platform, with Grab expected to join Apple Tap to Pay in Singapore in early 2026.
• FPX (Financial Process Exchange)coreTechnology or IntegrationFiuu supports FPX (Financial Process Exchange) and FPX B2B payment channels for Malaysia, connecting merchants with multiple banks including Affin Bank, Alliance Bank, AmBank, Bank Islam, Bank Muamalat, Bank Rakyat, BSN, CIMB, Hong Leong Bank, HSBC, OCBC, Public Bank, RHB, Standard Chartered, and UOB for online banking payments.
• DuitNowcoreTechnology or IntegrationFiuu supports DuitNow QR and DuitNow AutoDebit payment channels, enabling real-time interbank QR payments and automated recurring payments from Malaysian bank accounts and e-wallets. Fiuu is the first third-party acquirer to enable DuitNow AutoDebit and Consent for businesses.
• Razer Fintech (SG) Pte. Ltd.coreTechnology or IntegrationRazer Fintech (SG) Pte. Ltd. operates the Restorify carbon credit offset program. Restorify provides traceable and fractionalised carbon credit offsets and carbon emission calculator services to Fiuu merchants, with API integration mandatory for merchants using the carbon credit offset service.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• HitPay: Singapore-based payment gateway and POS provider targeting SEA SMBs with omnichannel solutions. Direct competitor in the SMB online + in-person payments segment with overlapping geographic focus.
• Curlec (by Razorpay): Malaysia-focused direct debit and payment solutions provider acquired by Razorpay. Competes with Fiuu on bank-direct debit and recurring payment rails in the Malaysian market.

Broad incumbents

• Adyen: Global omnichannel payment processor serving large enterprise merchants across multiple geographies. Competes with Fiuu for enterprise clients like Nike, Adidas, and Starbucks, with superior scale but weaker local SEA payment-method coverage.
• Worldpay (FIS): Global payments processor under FIS serving enterprise merchants with omnichannel payment solutions. Competes for the same large multinational merchants operating across Southeast Asia.
• Stripe: Global payment processing platform aggressively expanding into Southeast Asia. Competes for the same enterprise and developer-led merchant segments with broader global rails but less localized payment-method coverage than Fiuu.
• PayPal: Global incumbent in online payments offering checkout, Braintree, and cross-border payment acceptance. Competes with Fiuu for cross-border enterprise merchants operating in SEA, particularly via Braintree.

Direct peers

• 2C2P: Leading Southeast Asian payment gateway offering online, offline, and marketplace payment solutions across multiple SEA markets. Direct competitor to Fiuu with similar omnichannel positioning and enterprise merchant base.
• iPay88 (Revenue Monster): Malaysia-headquartered payment gateway serving online and in-person merchants across SEA. Closest direct peer to Fiuu with overlapping geographic footprint, SMB focus, and similar payment method coverage.

Others

• Razer Fintech: Former parent ecosystem and related entity operating Restorify carbon credits under Razer Fintech (SG) Pte. Ltd. Shares corporate heritage with Fiuu and operates an adjacent fintech service line.

Regional players

• PayMongo: Philippines-focused online payment gateway supporting cards, e-wallets, and over-the-counter payments. Comparable business model to Fiuu with similar channel breadth but concentrated in a single market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/FiuuPayment
• Facebookfacebook.com/FiuuPayment
• LinkedInlinkedin.com/company/fiuupayment
• Instagraminstagram.com/FiuuPayment
• Xx.com/FiuuPayment

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fiuu