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Curve slips further into the red as losses widened in 2022

The all-your-cards-in-one fintech says it is now aiming for profitability in early 2024

Curve

Shachar Bialick / Curve

London-based fintech Curve, which combines all your cards and accounts into one app, saw its losses increase in 2022, even as revenues surged.

In its annual results for the year to the end of December 2022, Curve posted a 51 per cent increase in revenue during the year to £22.1m.

Despite cutting its employee headcount from 430 at the end of 2021 to 315 at the end of 2022, Curve’s staff costs still increased from £26.7m (2021) to £28.4m.

With costs remaining high, Curve’s pre-tax losses grew from £59.2m in 2021 to £69.1m in 2022, up 17 per cent.

CEO and founder Shachar Bialick wrote in the results that by the end of 2022 Curve had improved its transaction margins into the positive, positioning the company for profit.

“So stay tuned, as pursuing these activities and several others will ensure Curve can reach an EBITDA positive position by early 2024,” Bialick wrote.

Curve had previously told investors that it was aiming for profitability before the end of 2023.

Bialick hedged his comments in these latest results by saying that he still forecast “a very bumpy road ahead”.

Driven in part by a customer base that grew from 3.3m to 4.3m users, Curve saw gross transaction volume on its platform grow by 60 per cent during the year, up from £1.9bn in 2021 to £3.2bn in 2022.

In September 2023, Curve raised an additional £58m in funding, bringing its 2021 Series C round to more than £133m in total.

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