Through the deal, Curve will be able to expand its lending operation, Curve Flex, across the UK, the EU, and the US.
Customers can divide every Curve transaction they've completed into monthly instalments utilising the Curve Flex product, regardless of the merchant, card used, or location in the world. Customers of Curve can use this adaptable feature to manage their financial flow more carefully while paying less for borrowing. Flexing a Curve transaction allows one to pay down their credit card bill conveniently while also spreading out a larger payment over time and, if necessary, returning money to their bank account.
In the UK, Curve Flex launched with 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. The option to get a direct line of credit before conducting a transaction or refinancing existing credit lines are two examples of the product offers Curve hopes to introduce as it expands its market reach into the EU and the US, now that funding has been secured. The business also intends to introduce a Buy Now, Pay Later (BNPL)-style loan product in 2023 for users of both in-app and in-browser applications.
Curve is a digital wallet that merges all your money into one app, with one card. It was made available to the public in 2018 and has now racked up more than 4 million customers worldwide. Along with the Flex product, Curve has a number of distinctive features, such as the option to ‘Go Back in Time’ and transfer past transactions across accounts and/or cards, as well as the ability for users to use their credit cards internationally. Customers can ‘double dip’ on rewards through Curve's rewards program, which offers an extra 10% cash back on purchases made through Curve in addition to any current credit card rewards programs.
Thanks to its real-time access to expenditure and behavioural data, Curve is able to make responsible and quick lending offers across a variety of options.
Curve has so far raised more than USD 180 million in equity investment and reached millions of users worldwide.
Fintech investors have already become more discerning, focusing on profitability and cash flow when evaluation opportunities appear. In the current environment, a fintech must be able to demonstrate a concrete, long-term plan for the financial viability of the business.
As anticipated, worldwide funding decreased in the third quarter of 2022, reaching USD 74.5 billion. The decline in worldwide fintech investment, which fell to USD 12.9 billion, explains the need for fintechs to reduce spending, curtail development plans, and put profitability ahead of customer growth.
However, some fintech startups still managed to get growth-stage funding, while other innovative ideas have also been scaled. Fintechs that are resilient, determined to bring about a change, and resolute enough to make it through the ongoing market are likely to reap the benefits going ahead.
Nevertheless, 2022 remains mixed bag for the tech industry so far. Between talks of a downturn, slashed valuations, layoffs, and a generally poor macro environment, fundings have taken a hit downwards from 2021’s hypergrowth.
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