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Curve seals $95 million equity round

Curve seals $95 million equity round

Curve, the London-based fintech that combines multiple cards and accounts into one smart card and app, is to launch in the US after sealing a $95 million equity round.

The Series C funding round was led by IDC Ventures, Fuel Venture Capital and Vulcan Capital, with participation from OneMain Financial), the US personal finance company, and Novum Capital. The fundraise brings the total investment in Curve to almost $175M.

In February, Curve opened its first US office, in Brooklyn, New York, as a base for its Stateside operations and in October secured an an EMI Licence to enable it to serve its European customers following Brexit.

Alongside international expansion, Curve will also use the fresh funding to drive ongoing product innovation, notably of Curve Credit in early 2021. The fintech has contracted with Thought Machine for the build out of the product.

Shachar Bialick, founder and CEO of Curve, says: “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."

Curve currently claims to reach two million customers, although the number of active users remains opaque.

The company has also come under fire for failing to file its accounts with Companies House in London. Speaking to TechCrunch, CEO Shachar Bialick said: “We missed the filing and the reason for that is because we had a very tight fundraising and we have limited resources so we had to prioritise it over something else. But we’re already in the process of submitting [the accounts] this week.”

And indeed, a fresh set of accounts published just this morning for the pre-pandemic 14 months ending 31 December 2019, showed a trebling of losses to £26.5 million from a £6.1 million shortfall in the previous 12 months.

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 13 January, 2021, 12:55Be the first to give this comment the thumbs up 0 likes

When I wrote Coin Solves A Pain. But Is It A 100 Dollar Pain? in 2014, I found the idea of replacing all credit / debit / loyalty cards with one plastic card very compelling. The value proposition vis-a-vis loyalty cards is somewhat diminished now in markets where Merchants have replaced dedicated loyalty cards and loyalty membership numbers with Mobile Number, so there's no need to carry the physical loyalty card any more. 

Hope Curve has better luck than Coin.