The curve, London-based FinTech, which combines multiple cards and accounts into one smart card and one app, has achieved a C in the $ 95 million Series C finding round. The funding was led by IDC Ventures, Fuel Venture Capital and Vulcan Capital (the investment arm of Microsoft co-founder and philanthropist Paul G. Allen), with participation from Oneman Financial, US Personal Finance Company and Novam Capital. Many previous investors also participated. The funds bring the total investment in the curve to about $ 175 million. Curb says it plans to use the funds to expand internationally, including the US, and deepen its European reach. It will further expand its Curve Credit product.
The startup is now claiming 2 million customers and now covers Apple Pay, Samsung Pay and Google Pay in 31 European markets. In December, Curb formed a JV Plaid To bring open banking to the UK, allows users to connect and view their bank accounts in one place. It now has a subsidiary in Vilnius, Lithuania to service its EU-based Brexit, and has partnered with Samsung for its pay card.
However, it is not all plain sailing. Its ‘go back in time’ feature that can roll back purchases from 14 to 90 days has potentially come under fire from falling into a debt spiral to customers.
Speaking to TechCrunch, the founder and CEO of Curb, Shachar Balik said: “We tried to remove friction customers engaged in checkout. For example, you can get out and you don’t have an internet connection, or you want to switch cards to be charged, so you can pay, and then later go back in time and get those accounts Can change which were used. And then what happened was that customers were using this feature because they wanted to free up cash in their checking account during COVID time. In March, many of our customers asked us to be able to ‘go back in time’ from debit cards to their credit cards for transactions done in January and December, 2019, and because they needed to free up more cash for their Checking account. He added that it is also a new product that allows customers to divide payments into installments.
This month, Curve also caught fire due to its failure to record its accounts with Companies House in London. Balik said: “We missed the filing and the reason is that we had a very large fundraising system and we have limited resources so we had to prioritize it over something else.” But we are already in the process of submitting [the accounts] This week.”
Bobby Aitkenhead, managing partner of IDC Ventures, said: “Curve’s leading approach to finance is more essential than ever as we are moving rapidly into the digital-first world globally.”
Rick Roberts of Vulcan Capital said: “For the benefit of banks and customers, Curve has redefined the future of banking by bringing various financial products and solutions together into a digital wallet. 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 epidemic. “