- The British FinTech Curve, behind BtoC and BtoB card-based aggregation services, announced a Series B funding round assessed at around $55 million (€49 million).
- Curve intends to speed up their product developments and craft new features for their cardholders:
- carry out P2P money transfers (Curve Send)
- Share cards with other Curve users
- Rely on instalments
- Integrate with Samsung Pay, Apple Pay, Google Pay (by end-2019)
- : Gauss Ventures, Creditease, Cathay Innovation, IDC Ventures, Outward VC (former INVC funds from Investec), Santander InnoVentures, Breega, Seedcamp, Connect and Speedinvest.
- Curve provides feedback regarding their results:
- $250 million valuation
- 85% growth (user base) from word of mouth
- A team of 150 people
- 30 countries covered in Europe
- 500,000 customers (goal: 1 million by the end of 2019)
- Average spend per user: €1,700/month
- Targets: Multi-banked customers ages 30 to 45
- £500 million (roughly €560 million) spent through their services since launch
- Hiring more employees. Curve plans to hire 100 additional employees to grow their team from 150 to 250 people by the end of 2019.
- Opening up to new markets. They will capitalise on this investment to expand their international reach. France, Germany, Italy, Poland, Portugal and Spain should be addressed by the end of the year, and Curve will later on aim for the US.
- Withstanding competition from challenger banks and long-standing industry players. Just like Lydia and Max in France, Curve issues an all-in-one card. They rely on a meta-banking model, acting as a single spot interface for their customers. They charge interbank fees and card fees.
- This funding Series allows them to become one of the Top 5 British FinTechs after TransferWise, Monzo, Revolut and Starling. Curve is also one of the 50 most promising FinTechs in Europe according to FinTechCity.