All-in-one card and financial app Curve has secured a $1 billion credit line from Credit Suisse to support its instalment transaction product Curve Flex as it scales across the UK, the EU and the United States
The Curve Flex product allows customers to split any transaction they’ve made with Curve - at any merchant, using any card, anywhere in the world - into monthly instalments.
In the UK, Curve Flex launched with a product called Swipe Now to Pay Later (‘SNPL’) - enabling customers to split any transaction they make on the Curve card into three, six, nine or 12 monthly instalments.
With funding secured, Curve now plans to expand its offering across markets into the EU and the US as well as with new product offerings, such as the ability to access a direct line of credit before making a transaction and the ability to refinance existing credit lines. In 2023, the company also plans to launch a buy now pay later (BNPL)-style lending product for customers both in-app and in-browser.
Paul Harrald, CIO and global head of Curve’s consumer lending business says the firm's real-time access to valuable spend and behavioural data allows it to make highly responsible and timely lending offers across a variety of alternative products.
“We have launched and very successfully tested our unique Curve Flex product, and are delighted to be able to scale our lending capabilities with this new financing,” he says. “Securing financing of this size during this period of economic uncertainty is a testament to the broad support of our bold expansion plans underpinned with now demonstrated expertise with data. We certainly are very pleased with the results of our lending to date, with our highly responsible approach encouraging responsible borrowing providing for excellent credit quality in a difficult market.”
To date, Curve has raised more than $180 million in equity investment and has amassed more than four million customers globally.