Curve raises $95 million as it eyes US expansion

London-based Fintech Curve secured $ 95 million in its latest investment Series C funding.

The funding round was led by IDC Ventures, Fuel Venture Capital and Vulcan Capital, with the participation of OneMain Financial, and brought the startup’s total capital raised to nearly $ 175 million.

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With the investment, Curve strengthened its leadership team and announced plans to open its first office in the United States.

So far, about 8,000 Americans have already signed up on the waiting list for the US launch of Curve.

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However, Curve’s operating losses have quadrupled from £6.5 million in 2018 to £28.5 million between November 2018 and December 2019.

“Despite the challenges Covid created for many businesses, we’ve seen great growth and are delivering on many of our targets,” Curve CEO and founder Shachar Bialick told CNBC in an interview.

“Curve’s pioneering approach to finance is more necessary than ever as we accelerate globally to a digital-first world,” said Bobby Aitkenhead, Managing Partner of IDC Ventures.

Curve allows users to manage payment cards in a single smart card and app , usable in 14 European countries, and in recent years has gained a following particularly among younger consumers. The platform combines all of a customer’s debit and credit cards into one platform, with a connected “smart card”.

“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 the ideal time for American consumers, who are looking for safer payment options and greater financial control in the wake of the pandemic. We are excited to be part of the next phase in Curve’s ambitious journey,” Rick Roberts, from Vulcan Capital, said.