In one of the largest funding rounds in Fintech in 2023, Curve secures additional £58M to support its growth ambitions; Company on Trajectory to Reach Profitability in Early 2024
LONDON, Sept. 21, 2023 /PRNewswire/ -- Curve, the financial super app that connects all your existing credit and debit cards to one single card and app, today announced that it has raised an additional £58 million extension of its Series C round, bringing its Series C funding total to over £133 million. The extension round saw participation from Britannia, IDC Ventures, Cercano Management (the venture arm of Microsoft co-founder and philanthropist Paul G. Allen's estate), Cohen Circle, Outward VC as well many other existing shareholders.
The new funds will be used to improve the overall customer experience (Curve just recently rolled out its new app, which includes a marketplace of financial applets), expand its Flex offerings, and bring exciting new partnerships to the market.
"We are extremely pleased with the interest we received in our Series C extension round and the support we received from our existing shareholders," said Shachar Bialick, founder and CEO of Curve. "It's a testament of the execution of our team, the strength of our product, and business as a whole. This last raise, like any raise, brings with it renewed responsibility to our shareholders and our customers; To build a good product and an exciting business, by executing well. Curve's unique, user-friendly and innovative product is something that investors, partners and customers alike are drawn to naturally, and with this additional cash, we look forward to bringing more people closer to financial independence."
Curve has experienced impressive growth in 2023. Earlier this year, Curve successfully transformed its business model which allowed it to highly improve its gross margin and, in turn, enter a phase of scaling the business in a sustainable way towards the path to profitability.
"Curve isn't just aggregating funding sources into one credit card, they're revolutionising how we perceive and access our money," said Bobby Aitkenhead, co-founder and Managing Director at IDC Ventures. "Thanks to their unique technology and Layer 3 (OTT) approach, they have the capability to intercept the transaction and supercharge the customer experience, with its Double Dip Rewards, or eliminating nasty hidden fees. And they do it seamlessly, without any need for the customer to change the cards they pay with. This in turn gives Curve 360 view of the customer finance, a wealth of data which allows Curve to offer superior, personalised experience for customers, coupled with a strong business model. As they've proven in the past 12 months. Our conviction in Curve grew substantially upon witnessing the remarkable capabilities and proven history of its founder and the team he built around him."
"We're so excited about Curve and its potential to be a payments super app, as well as its ability to change the way consumers treat their cards and credit as part of a holistic payment methodology. It continues to build and provide its users with great value," added Daniel Cohen, Co-Founder, Cohen Circle.
Curve has teased a major partnership with a payments giant, but they remain tight-lipped until the announcement is made public later this month. Additionally, Curve is in the midst of rolling out their new Launchpad interface that paves the road for the development of a financial marketplace. This will allow select third party developers to integrate their financial products and services directly into Curve.
Curve, which launched to the public in 2018 and has amassed more than 4.5 million customers globally, gives customers more control over their money by connecting their financial world into a simple yet powerful interface, offering them more convenience, control and savings over their finances. With Curve, customers have full freedom over their money, eliminating expensive hidden currency conversion fees that banks would otherwise charge them. It also provides a complete financial picture, enabling better budgeting and maximising rewards without a second thought.
To date, Curve has raised £208 million in equity investment and has reached millions of customers around the world with its unique product and innovative partnerships with Samsung, Mastercard, Huawei, Swatch and many other leading brands.
This round was advised by Investec.
For more information, visit www.curve.com.
About Curve
Curve is a financial super app. It is on a mission to be the one-stop-shop for all of a consumer's financial needs; a single point of access to a wide range of financial products and services, bundling together all your money into one smart card and an even smarter app. Unlike other services available in the market today, Curve allows customers to connect and supercharge their legacy banks without signing up to a new bank. Curve is live in 31 markets across the UK and European Economic Area (EEA).
Curve supports Mastercard, Visa, and Diners Club networks. The Curve Card and the E-money related to these cards is issued in the UK by Curve UK Limited, authorised and regulated by the Financial Conduct Authority to issue electronic money (firm reference number 900926). The Curve Card and the e-money related to cards issued in the EEA is issued by Curve Europe UAB, authorised in Lithuania by the Bank of Lithuania (electronic money institution licence No. 73 issued on 22 of October, 2020).
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