Curve, the London-based fintech that combines multiple cards and accounts into one smart card and app, has secured $95 million from a leading group of international investors as part of a successful Series C round.
Curve will deploy the investment to expand internationally, including to the US, and to deepen its European reach. It will also use the fresh funding to drive ongoing product innovation, notably of Curve Credit in early 2021. The fundraise will allow Curve to execute an ambitious strategy to become the leading financial superapp.
The funding round was led by IDC Ventures, Fuel Venture Capital and Vulcan Capital (the investment arm of the estate of Microsoft co-founder and philanthropist Paul G. Allen), with participation from One Main Financial, the US personal finance company, and Novum Capital. IDC Ventures has funded some of the world’s brightest tech scale-ups from across the globe, such as Tradeshift, EVRYTHNG, Boatsetter and CookUnity. Counting IDC Ventures, Curve also attracted many of its investors for a second time.
The fundraise brings the total investment in Curve to almost $175M and makes the business one of only a select group of European fintechs to have raised significant funds against a backdrop of widespread economic disruption driven by Covid-19 restrictions.
Shachar Bialick, Founder and CEO of Curve, said: “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. 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. 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 of IDC Ventures, added “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.”
Curve’s Series C fundraise comes at the end of an impressive 2020 performance, in which Curve reached 2m customers, launched a range of new products and partnerships, and hired a world-class team. In the last 12 months, Curve has extended its offering to include tech titans Apple Pay, Samsung Pay and Google Pay for its customers in its 31 European markets. And in December, Curve announced it was joining forces with Plaid to bring open banking to the UK, allowing users to connect and see their bank accounts in one place.
Rick Roberts, from Vulcan Capital, said: “Curve’s model is redefining the future of banking by bringing diverse financial products and solutions together into one digital wallet, for the benefit of banks and customers alike. Their friction-free offering is coming at the ideal time for American consumers, who are looking for safer payment options and greater financial control in the wake of the pandemic. We are excited to be part of the next phase in Curve’s ambitious journey.”
Jeff Ransdell, Founding Partner, Managing Director, Fuel Venture Capital, added: “Curve allows customers to stay with their preferred banks while taking advantage of the latest financial technologies, connecting institutions with innovation and building a true ecosystem play. Their collaborative model has been immensely successful in Europe and we are confident that it will prove equally so in the US, where physical cards are still dominant.”
In February Curve opened its first US office, in Brooklyn, New York, as a base for its Stateside operations. Curve’s US expansion is led by VP, head of North America, Amanda Orson, previously managing partner of media group W2PY and an adviser to Gauss Ventures.