Curve secures $1 billion deal from Credit Suisse
Curve, the London-based financial super app, announced that the company has closed a deal to fund its first $1 billion in loans with a facility provided by Credit Suisse, enabling Curve to scale its lending business, Curve Flex, across UK, EU and USA.
The Curve Flex product allows customers to split all transactions they have made with Curve – at any merchant, using any card, anywhere in the world – into monthly instalments. This unique flexible feature allows Curve’s customers to be more responsible with their cash flow while reducing their borrowing costs. Bending a Curve transaction smooths out a larger payment over time, can put money back into a bank account if needed, and provides a convenient way to pay off your credit card balance.
Paul Harald
“We have ambitious plans for lending. We have launched and tested our unique Curve Flex product with great success and are delighted to be able to scale our lending capabilities with this new funding.”
said Paul Harrald, CIO of Curve Group and Global Head of Curve Credit, Curve’s consumer lending business.
“Securing funding of this size during this period of economic uncertainty is a testament to the broad support for our bold expansion plans underpinned by now demonstrated expertise with data. We are certainly very pleased with the results of our lending to date, with our highly responsible approach that encourages responsible loans that provide excellent credit quality in a difficult market.”
Launched to the public in 2018 and amassing more than 4 million customers globally, Curve is a unique digital wallet that combines all your money in one app with one card. In addition to the Flex product, Curve offers many unique features, including the ability to “go back in time” to move past purchases between accounts and/or cards and allows customers to use their credit cards abroad. Curve’s rewards offer also allows customers to ‘double up’ rewards – offering an additional ten percent cash back on purchases made with Curve on top of existing credit card rewards programs.
In the UK, Curve launched Flex with a product called Swipe Now to Pay Later (‘SNPL’) – which allows customers to split any transaction they make on their 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 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 the app and in the browser.
To date, Curve has raised more than $180 million in equity investment and has reached over millions of customers worldwide with its unique product and innovative partnerships with the likes of Samsung.
