London FinTech platform Curve raises $55m
London-based FinTech firm Curve has raised $55m (£44m) from a leading group of investors as part of a successful Series B funding round, valuing the company at a quarter of a billion dollars.
The banking platform consolidates multiple cards and accounts into one ‘smart card’ and accompanying app.
Founded by ex-Israeli Special Forces member Shachar Bialick in 2015, Curve out of beta in February 2018.
The latest round brings the total raised by the firm to $67m, and is being led by FinTech investor Gauss Ventures alongside investors such as Creditease, IDC Ventures and further participation from Outward VC (previously Investec’s INVC fund).
Several of Curve’s early stage investors such as Santander InnoVentures, Breega, Seedcamp and Speedinvest have also participated again.
The latest round will be used to expand its product offering in the UK - where it has 150 staff in London and Bristol – as well as Europe and internationally.
It will officially launch intoFrance, Germany, Italy, Poland, Portugal and Spain, later this year and and aims to launch its operations in the US by mid 2020.
“While the challenger and traditional banks are busy fighting to win or retain new customers, Curve is building an Over-The-Top Banking Platform that provides customers with a better banking experience with no need to change their bank,” explained Bialick.
“Curve is playing a completely different ball game, it is not a challenger bank which means that we can focus on creating a radically better customer experience, without asking customers to trust their salaries with us, or the significant overhead of becoming a regulated bank.
“Receiving this level of investment from such prominent investors is a fantastic endorsement of the value and experience Curve brings to its customers.”
Last month the firm launched an instant cashback scheme with around 50 brands including Apple and Sainsbury’s.