– Curve passes 50,000 sign ups, £50m spend in Beta
– Curve Connect will make Curve world’s first ‘connected finance’ app
London FinTech startup Curve has passed 50,000 sign-ups and £50m spend in beta mode, and revealed plans to launch a consumer version of its card this year.
Curve has also confirmed it will close a Series A funding round in the coming weeks, and release a ‘Connect’ feature that helps users to get a better deal on banking and FinTech services all in one place.
Curve launched in beta last year for entrepreneurs, sole traders and freelancers, as a better way to pay.
The UK’s 5 million SMEs and 2 million freelancers now have a way to manage their personal and business spending in one place – with an all-cards-in-one Curve MasterCard® that eliminates bank FX fees abroad and simplifies spending in the Curve app. Curve cards have now been used to pay in over 100 countries during Beta.
Driven by demand and “exceptionally high” satisfaction among beta users, Curve will now launch for consumers later this year.
Founder and CEO, Shachar Bialick, explained: “The time is right to scale up and launch Curve for consumers. We’ve built a simpler, safer way to spend and save money, without the need to change your behaviour or switch banks – that’s a unique proposition and one we hope consumers and our partners will love.”
The business has also confirmed plans for a ‘Curve Connect’ feature within the Curve app – allowing a user to integrate their spending with other banking and financial service providers, and enabling financial providers to offer their products via the Connect platform. The feature will see Curve become the world’s first ‘connected finance’ app.
“This is where Curve will really come into its own,” added Curve growth lead Charlie Taylor. “We’ve seen new mobile wallets digitise payments, new providers offer savings on FX fees or aggregated reward points, new banks make saving simpler and new money management tools help people get a better deal. But that has never been available in one place. It’s unchartered territory for the sector, and we believe it’s a glimpse of the future of banking.”
Curve has raised $5m in Seed funding from VCs and technology entrepreneurs from the likes of TransferWise, Betfair and Google Wallet – and will close a sizeable Series A funding round in the coming weeks.
Since launching in beta, Curve has more than doubled its team and hired talent from Barclays, Accenture, Goldman Sachs, Happn, Thinkmoney, Quintessentially and Stanford University.