Curve, a London-based fintech platform that allows customers to consolidate multiple cards into one smart card/app secured $95 million (approx £70 million) funding in a Series C round.
The funding round was led by IDC Ventures, Fuel Venture Capital, and Vulcan Capital (the investment arm of the estate of Microsoft co-founder and philanthropist Paul G. Allen), with participation from OneMain Financial, the US personal finance company, and Novum Capital. This brings the total investment to $175 million (approx £128 million).
HOW WILL THE FUNDING BE USED?
The UK fintech company will use the funding to expand internationally, including to the US, and to deepen its European reach. Part of the funding will be used to drive ongoing product innovation – Curve Credit in early 2021. Last year, the company has reached 2 million customers, launched a range of new products and partnerships, and hired a world-class team.
HOST OF BENEFITS
Founded by Shachar Bialick in 2015, Curve is live in 31 markets across the UK and European Economic Area (EEA). The company offers a host of benefits to its customers, who get instant notifications and categorisation across their spending; the capacity to earn instant 1% cash back at the likes of Amazon, Uber, Netflix, and Tesco.
The platform’s patented Time Travel enables customers to swap spend to a different card in the app for up to 90 days after the purchase was made.
Shachar Bialick, Founder and CEO of Curve, said: “We are ecstatic that our investors share Curve’s vision to empower as many people as possible to take control of their money and move banking to the cloud. This fundraise stands out as an endorsement of Curve’s unique product strategy, the excitement surrounding the debut of Curve Credit, and the upcoming launch of Curve in the US. I want to thank our partners and shareholders, and the entire team at Curve for their tireless work to thrive throughout 2020.”
Bobby Aitkenhead, Managing Partner of IDC Ventures, said: “Curve’s pioneering approach to finance is more necessary than ever as we accelerate globally to a digital-first world. We are proud to support Curve as they bring their much-needed seamless banking experience to the United States in 2021. Ever since we first invested in Curve in 2019, Shachar Bialick and his team have inspired us with their energy and vision of an all-in-one banking platform. IDC Ventures looks forward to scaling this journey to greater heights in 2021, reaching more people, with more products in more regions.”
Jeff Ransdell, Founding Partner, Managing Director, Fuel Venture Capital, said: “Curve allows customers to stay with their preferred banks while taking advantage of the latest financial technologies, connecting institutions with innovation and building a true ecosystem play. Their collaborative model has been immensely successful in Europe and we are confident that it will prove equally so in the US, where physical cards are still dominant.”
Rick Roberts, from Vulcan Capital, said: “Curve’s model is redefining the future of banking by bringing diverse financial products and solutions together into one digital wallet, for the benefit of banks and customers alike. Their friction-free offering is coming at the ideal time for American consumers, who are looking for safer payment options and greater financial control in the wake of the pandemic. We are excited to be part of the next phase in Curve’s ambitious journey.”