Curve Secures $1 Billion Deal From Credit Suisseby Fintechnews Switzerland December 8, 2022
Curve, the London based financial super app, announced that the company has closed a deal to fund its first $1 billion in loans with a facility provided by Credit Suisse, enabling Curve to scale its lending business, Curve Flex, across the UK, the EU and the United States.
The Curve Flex product allows customers to split any transaction they’ve made with Curve – at any merchant, using any card, anywhere in the world – into monthly instalments. This uniquely flexible feature allows Curve’s customers to be more responsible with their cash flow while reducing their borrowing costs. Flexing a Curve transaction smooths a larger payment over time, can put cash back in a bank account if needed, and provides a convenient way to pay off their credit card balance.
“We have ambitious plans for lending. We have launched and very successfully tested our unique Curve Flex product, and are delighted to be able to scale our lending capabilities with this new financing,”
said Paul Harrald, CIO of Curve Group and the Global Head of Curve Credit, Curve’s consumer lending business.
“Securing financing of this size during this period of economic uncertainty is a testament to the broad support of our bold expansion plans underpinned with now demonstrated expertise with data. We certainly are very pleased with the results of our lending to date, with our highly responsible approach encouraging responsible borrowing providing for excellent credit quality in a difficult market.”
Curve, which launched to the public in 2018 and has amassed more than 4 million customers globally, is a one-of-a-kind digital wallet that combines all your money into one app with one card. In addition to the Flex product, Curve touts many unique features, including the ability to “Go Back in Time” to move past purchases between accounts and/or cards and allows customers to use their credit cards abroad. Curve’s rewards offering also allows customers to “double dip” rewards – offering an additional ten percent cash back on purchases made with Curve on top of existing credit card rewards programs.
In the UK, Curve Flex launched with a product called Swipe Now to Pay Later (‘SNPL’) – enabling customers to split any transaction they make on the Curve card into three, six, nine or 12 monthly instalments. With funding secured, Curve now plans to expand its offering across markets into the EU and the US as well as with innovative new product offerings, such as the ability to access a direct line of credit before making a transaction and the ability to refinance existing credit lines. In 2023, the company also plans to launch a buy now pay later (BNPL)-style lending product for customers both in-app and in-browser.
To date, Curve has raised more than $180 million in equity investment and has reached over millions of customers around the world with its unique product and innovative partnerships with the likes of Samsung.