Curve Secures £133 Million in Series C Funding
Curve, the innovative financial super app that consolidates multiple credit and debit cards into a single card and app, has recently made headlines by securing an additional £58 million in an extension of its Series C funding round. This substantial infusion of capital brings the total funding for the Series C round to over £133 million. The funding round attracted participation from a range of investors, including Britannia, IDC Ventures, Cercano Management (the venture arm of Microsoft co-founder Paul G. Allen’s estate), Cohen Circle, Outward VC, and many other existing shareholders.
This significant capital injection will be utilized to enhance the overall customer experience. Notably, Curve recently launched a new app featuring a marketplace of financial applets, and these additional funds will further optimize and refine this offering. Additionally, Curve intends to expand its Flex product offerings, which enable customers to split payments made over the past year into convenient installments, ranging from three to eleven months.
However, the most exciting prospect on the horizon is Curve’s imminent partnership with a “payments giant,” details of which will be unveiled later this month. This collaboration has generated considerable anticipation within the industry and among Curve’s rapidly growing user base.
Curve has experienced remarkable growth throughout 2023. Earlier this year, the company executed a transformative shift in its business model, resulting in a significant improvement in gross margins. This strategic move has enabled Curve to enter a phase of scaling its operations in a sustainable manner, positioning the company on a trajectory towards profitability by early 2024.
The success of Curve can be attributed to its unique approach to financial services. Rather than creating a new bank, Curve empowers customers by connecting and consolidating their existing financial accounts and cards into a single, user-friendly interface. This approach provides customers with more control over their money, eliminating hidden currency conversion fees and offering a complete financial overview for better budgeting and maximizing rewards.
Since its public launch in 2018, Curve has rapidly gained popularity and has amassed more than 4.5 million customers globally. The company operates in 31 markets across the UK and European Economic Area (EEA) and has formed strategic partnerships with industry giants such as Samsung, Mastercard, Huawei, and Swatch.