Crowdcube scopes out investors to take part in Curve's £100m raise

By Aisling Finn on Wednesday 9 September 2020

Digital Banking

The crowdfunding platform asked existing investors if they would take part in a fundraising campaign on Crowdcube.

Crowdcube scopes out investors to take part in Curve's £100m raise
Image source: Shachar Bialick/Curve

Following rumours swirling around Curve’s alleged Series C fundraise, Crowdcube tested the waters with existing investors in the fintech last week. 

Crowdcube sent an email, seen by AltFi, to its members who had previously invested in Curve and asking if they would partake in a second campaign for the fintech. 

The email asked existing investors in the all-your-cards-in-one fintech: “If the opportunity was available, would you be interested in investing in Curve again?” 

Crowdcube also appeared to imply that Curve is looking to raise £100m, a figure that had been floated around but remained unconfirmed by the fintech. 

The email read: “Curve may be looking to raise over £100m in an upcoming Series C round.” 

Another indication that Curve is in the process of fundraising, CEO and founder Shachar Bialick ceased to be a “person with significant control” according to an update posted to Companies House yesterday that was backdated to 24 March 2020. 

The removal of Bialick’s control could signal a dilution of his stake in the fintech which is part and parcel of bringing an investor on board. 

As well as the rumoured £100m Series C, Curve has also put itself in the running for a slice of the £100m BCR Pool E fund as we previously reported. 

The fintech put in a bid for a £10m grant from cash handed back by Metro Bank and NatWest after the two banks failed to complete their growth targets for SME lending.  

Curve has had a rollercoaster few months. 

The fintech was struck down in the collapse of Wirecard, despite having moved most of its payment processes in-house, some systems were yet to be transferred resulting in an outage when the FCA froze Wirecard UK’s operations

Curve managed to get back up and running in less than three days, having to completely overhaul its refund system in the process, a move it has since u-turned on

Since then, Curve has struck a deal with Onfido to streamline its customers’ signup process, launched a card with Samsung Pay and expanded its current all-your-cards-in one offering to include loyalty cards

AltFi is awaiting comment from Curve on the Crowdcube email and Companies House announcement.

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