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Curve joins BNPL scramble

Curve joins BNPL scramble

All-in-one card fintech Curve has become the second UK firm this week, after Monzo, to launch a buy now, pay later service called Flex.

Curve received FCA approval at the beginning of the month for its version of Flex, which taps the company's patented 'Go Back in Time' technology to let customers convert almost any purchase made on any card linked to the Curve platform in the past 12-months into an instalment plan.

While FS firms are scrambling to launch their own twist on the hot BNPL sector, Curve claims its product is better than the competition because it is not restricted to specific merchants, accounts, cards, or products.

Customers can split a retail purchase, online order, household bill, they can swipe a transaction and select the number of instalments. The transaction is then refunded in full almost immediately.

In testing since September 2020, 1600 beta users have already “Flexed” around 7000 transactions into instalment loans worth over £1 million.

Yesterday, Monzo launched its BNPL-like product, also called Flex.

Shachar Bialick, CEO Curve, says: “Why settle for a rigid copy when you can have the real thing? Curve Flex is almost certainly the most flexible credit solution in the market. With no limitations on merchants and the ability to accommodate all Mastercard, Visa, and Discover cards, Curve Flex will provide customers with access to easy and affordable credit.”

Comments: (1)

A Finextra member
A Finextra member 17 September, 2021, 09:38Be the first to give this comment the thumbs up 0 likes

I would disagree with the statement that this is the most flexible solution in the market.... this may be true in local markets but many Middle Eastern banks have been offering sophisticated BNPL Installment loans or 'Easy Payment Plans' on their credit cards for many years. Cardholders can combine balances or convert single transactions, via; App, Call Center, SMS, or at POS.   However, this is going to be how Issuing banks will  fight back against BNPL players, with this technology applied to Credit, Debit and even Prepaid.  Competition is good!