Curve has secured an additional £58 million in its series C round, taking the round’s total funding to over £133 million.
The app that brings users' debit and credit cards into one app, has also stated it aims to reach profitability in early 2024. Curve recently released a new app featuring a marketplace of financial ‘applets’, which is likely to benefit from the extra funding, along with the company’s Flex offerings.
Britannia, IDC Ventures, Cercano Management, Cohen Circle, and Outward VC were among participating shareholders in the funding round.
Bobby Aitkenhead, co-founder and Managing Director at IDC Ventures, commented on Curve’s success: "Curve isn't just aggregating funding sources into one credit card, they're revolutionising how we perceive and access our money. 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."
The company will roll out a new interface for their financial marketplace that will open up the app for embedded finance products from third parties. Curve has also hinted at a major collaboration in the future, but plan to withhold the details until later this month.
Curve has raised £208 million in overall equity investment to date, and the series C funding round marks one of the largest in fintech this year. The super app has partnered with large brands such as Samsung, Mastercard, Huawei, and Swatch.
Founder and CEO of Curve, Shachar Bialick, remarked on the extension round: "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."
The super app recently gained a $1 billion credit line from Credit Swisse to boost its Curve Flex product in Europe and the US.