Per the recurly appexchange faq:
Recurly is currently available in: Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Chile, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Gibraltar, Greece, Hong Kong, Hungary, Iceland, Ireland, Isle of Man, Israel, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Macau, Malaysia, Malta, Monaco, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Russia, San Mariono, Singapore, Slovenia, Sloviakia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, United Kingdom, United States, Vatican City
That's still not 100% clear to me as to whether it's talking on the ISV side, but I am fairly certain it is since elsewhere on recurly it says "your customers may come from all over the globe."
It is very clear that you need a merchant bank account, a bit higher up the page.