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FinTechInvestment
Curve has secured £58 million in additional funding to take its Series C round to £133 million.
The London FinTech, which brings users’ debit and credit cards into one app, says it is targeting profitability next year.
Curve recently released an app marketplace of financial ‘applets’, while last year it launched Curve Flex, which allows users to split transactions into monthly instalments. It gained a $1 billion credit line from Credit Suisse late last year to grow the latter in Europe and the US.
Britannia, IDC Ventures, Cercano Management, Cohen Circle, and Outward VC were among shareholders participating in the latest funding round.
“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 a 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.”
Curve has partnered with the likes of Samsung, Mastercard, Huawei and Swatch, and has millions of users around the world.
Founder and CEO Shachar Bialick said: “We are extremely pleased with the interest we received in our Series C extension round and the support we received from our existing shareholders. 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.”
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