Curve secures £70m investment for international expansion

London-based FinTech Curve has secured £70 million ($95 million) funding from international investors.

Curve, which combines multiple cards and accounts into one smart card and app, said that it will use the investment to expand further into international markets.

The company plans to widen its European reach and build a customer base in the US.

The FinTech will also use the funding to “drive ongoing product innovation,” notably of Curve Credit early this year.

Curve has ambitions to become the leading financial app that brings all finances together into one place.

Investors included IDC Ventures, Fuel Venture Capital and Vulcan Capital with participation from OneMain Financial and Novum Capital.

Total investment in the company up to this point has hit £129 million ($175 million.)

Curve reached two million customers last year and extended its offering to include Apple Pay, Samsung Pay, and Google Pay across 31 European markets.

The business also joined forces with Plaid in December to bring Open Banking to the UK.

“We are ecstatic that our investors share Curve’s vision to empower as many people as possible to take control of their money and move banking to the cloud,” said Shachar Bialick, founder and chief executive of Curve. “This fundraise stands out as an endorsement of Curve’s unique product strategy, the excitement surrounding the debut of Curve Credit, and the upcoming launch of Curve in the US.

He added: I want to thank our partners and shareholders, and the entire team at Curve for their tireless work to thrive throughout 2020.”

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

"We are proud to support Curve as they bring their much-needed seamless banking experience to the United States in 2021. Ever since we first invested in Curve in 2019, Shachar Bialick and his team have inspired us with their energy and vision of an all-in-one banking platform. IDC Ventures looks forward to scaling this journey to greater heights in 2021, reaching more people, with more products in more regions.”

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