Curve adds £58m to its Series C
The additional funds see Curve eyeing profitability for early next year
London-based fintech Curve, which combines all your cards and accounts into one app, has just secured an additional £58m in funding, bringing its series C round to more than £133m in total.
Curve plans to use the new funds to improve customer experience, having recently rolled out its new app, and expand its Flex offerings, which allow customers to split payments made into the past year into instalments ranging from three to 11 months.
According to the app it also has new partnerships to bring to the market, and specifically mentioned one with a “payments giant” to be announced later this month.
“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 founder and CEO Shachar Bialick said.
“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 Series C extension round saw participation from Britannia, IDC Ventures, Cercano Management (the venture arm of Microsoft co-founder Paul G. Allen's estate), Cohen Circle, Outward VC and other existing shareholders.
“We're so excited about Curve and its potential to be a payments super app, as well as its ability to change the way consumers treat their cards and credit as part of a holistic payment methodology,” Cohen Circle co-founder Daniel Cohen said.
Alongside the new funds, Curve said it transformed its business model earlier this year to improve its gross margin, entering a phase of scaling that puts the company on the path to profitability for early next year.
The fintech is also rolling out a new ‘Launchpad’ interface, allowing select third-party developers to integrate financial products and services directly into Curve.
Curve has raised a total of £208m in equity investment to date.