London-based fintech Curve, which combines multiple cards and accounts into one smart card and app, has announced that it raised $95M (nearly €78M) as a part of its Series C funding round. The investment comes from a slew of leading international investors.
International expansion plans
The latest funding round in Curve was led by IDC Ventures, Fuel Venture Capital and Vulcan Capital, the investment arm of the estate of Microsoft co-founder and philanthropist Paul G. Allen. The other investors that took part in the funding round include OneMain Financial, the US personal finance company, and Novum Capital. Notably, IDC Ventures has funded some of the world’s brightest tech scaleups including Tradeshift, RecargaPay, Boatsetter, and CookUnity.
While Curve intends to glow globally, it opened its first US office in Brooklyn, New York as a base for its Stateside operations back in February 2020.
The Curve will use the investment to expand internationally, including the US, and to penetrate into the European market. Also, the company will use the funds to drive ongoing product innovation, especially Curve Credit in early 2021. Furthermore, the company will deploy the funds to execute an ambitious strategy to become the leading financial super-app that brings your finances into one place.
Shachar Bialick, Founder and CEO of Curve, said: “We are ecstatic that our investors share Curve’s vision to empower as many people as possible in taking control of their money and to move banking to the cloud. This fundraise stands out as an endorsement of Curve’s unique product strategy, the excitement surrounding the debut of Curve Credit, and the upcoming launch of Curve in the US..”
Bobby Aitkenhead, Managing Partner of IDC Ventures, said: “Ever since we first invested in Curve in 2019, Shachar Bialick and his team have inspired us with their energy and vision of an all-in-one banking platform. IDC Ventures looks forward to scaling this journey to greater heights in 2021 by reaching more people with more products in more regions.”
Jeff Ransdell, Founding Partner & Managing Director, Fuel Venture Capital, said: “Curve allows customers to stay with their preferred banks while taking advantage of the latest financial technologies, connecting institutions with innovation, and building a true ecosystem play.”
Rick Roberts, from Vulcan Capital, said: “Curve’s model is redefining the future of banking by bringing diverse financial products and solutions together into one digital wallet for the benefit of banks and customers alike. Their friction-free offering is coming at an ideal time for American consumers, who are looking for safer payment options and greater financial control in the wake of the pandemic.”
Significant funding during COVID-19 crisis
With this investment round, the overall funding raised by Curve totals to $175M (nearly €144M). Curve also becomes one of the few European fintechs that have got significant funds during the economic downturn caused by the COVID-19 pandemic that has left a dent on many businesses all over the world.
Curve’s Series C round comes at the end of an impressive 2020 performance wherein the fintech reached a milestone of 2 million customers and launched a range of new products and partnerships and hired a world-class team.
Founded by Shachar Bialick in 2015, Curve is an over-the-top banking platform, which allows customers to consolidate multiple cards into one smart card and app. The unique Curve card allows customers to supercharge their legacy banks without leaving their bank. Currently, the banking startup operates in 31 markets across the UK and European Economic Area (EEA).
Curve lets its customers get instant notifications and categorisation across their spending. They can earn instant 1% cashback at the likes of Amazon, Uber, Netflix, and Tesco and get the ability to fit their cards into Google Pay, Apple Pay, and Samsung Pay even if their banks don’t support the feature.