Curve, a London, UK-based provider of financial app, closed a deal to fund its first $1B in loans with a facility provided by Credit Suisse.
The deal enables Curve to scale its lending business, Curve Flex, across the UK, the EU and the United States.
Launched to the public in 2018, Curve is a digital wallet that combines all money into one app with one card. The Curve products allows customers to split any transaction they’ve made with the company – at any merchant, using any card, anywhere in the world – into monthly instalments. Curve is live in 31 markets across the UK and European Economic Area (EEA).
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 $180M in equity investment and has reached over millions of customers around the world with its product and innovative partnerships with the likes of Samsung.
FinSMEs
09/12/2022