FinTech startup Curve has secured $55 million (£43.9 million) in a Series B funding round that valued the company at $250 million.

The Open Banking platform, which consolidates multiple cards and accounts into one smart card controlled by an app, launched out of its Beta phase in February 2018 and has since acquired more than 500,000 customers.

This latest funding round was led by Gauss Ventures, alongside new and existing investors including Creditease, Cathay Innovation, IDC Ventures and further participation from Outward VC (previously Investec’s INVC fund).

Curve said it plans to use the fresh funding to expand its product offering in the UK, Europe and overseas, with an official launch into six European markets later this year: France, Germany, Italy, Poland, Portugal and Spain. It also aims to launch operations in the US by the middle of next year.

The company now employs 150 people across its offices in London and Bristol and has rolled the app out to 31 European countries so far.

Daniel Gusev, founding partner of Gauss Ventures, which led the raise said: “The strength in Curve over the challenger banks is its product strategy which avoids competing directly with the banks by building an over the top banking platform.”

Shachar Bialick, founder and chief executive of Curve, added: “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.”

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