‘Connected Finance’ startup Curve raises $10m Series A
Curve, the ‘connected finance’ startup that lets you spend from all your accounts with one card, has closed a Series A funding round of $10m, bringing total funding to $13m.
A group of global banks, leading VCs and industry veterans have joined the funding round. This follows strong demand and growing consensus that Curve will open up a new ‘Connected Finance’ category in banking, helping established and new European banking providers meet the needs of today’s mobile-first customer.
The funding round sees Curve take on funding from the following investors:
- Global banking providers: Santander Innoventures, Investec
- Leading investors: Connect Ventures, Speedinvest, Oxford Capital, Breega Capital, Samos Investments
- Individual investors: Henry Ritchotte (ex Deutsche Bank COO), Gael de Boissard (ex Credit Suisse board member), Alessandro Hatami (The Pacemakers; ex Lloyds, Paypal, GE Capital), Paul Townsend (Vitesse PSP, Barclays, WorldPay), Emilian Popa (Rocket Internet, Naspers, Groupon)
Curve allows small businesses, freelancers and contractors to simplify their finances - by spending from all their accounts with one Curve Mastercard, connected to a secure mobile app. The card works just like a normal bank card, anywhere in the world that accepts Mastercard. Curve cardholders have spent over £50million in more than 100 countries, since Curve launched in Beta last year. Over 50,000 people have already signed up to Curve.
During Beta, Curve has launched a number of industry-leading features that make banking simpler and safer for customers on the go. These include the ability to spend like a local and save money on FX without changing your banking provider, Curve Rewards, the first programme with instant earn and instant spend rewards, and ‘Go Back in Time’ - a world-first ability to switch the card you paid with up to two weeks after a transaction. The app will also soon roll-out ‘Curve Connect’, allowing users to integrate their spending with other business and banking services - re-bundling the increasingly fragmented financial sector in one secure smartphone app.
This latest funding round will allow Curve to accelerate growth by building more innovative features and recruiting world-class talent ahead of its full launch. Other existing investors in Curve include: Seedcamp, Taavet Hinrikus (TransferWise), Ed Wray (Betfair), Ricky Knox (Tandem), Michael Kent (Azimo) and the founders of Google Wallet and Money20/20.
The company was recently named one of Europe’s 50 hottest fintech startups and joined Tech City UK’s Upscale 2017, a hand-picked network of the UK’s most promising technology companies.
Shachar Bialick, Founder and CEO of Curve:
In our first year, we’ve established a loyal base of customers who love the way Curve brings together their existing financial lives. That’s the space in which we’re innovating and this fundraise recognises that focus, marking a new phase in our ability to scale up. It’s rare for such a wide set of banks, investors and leaders to agree on the potential for a disruptive product so early on. The investment highlights growing consensus that we will open up a new ‘Connected Finance’ industry category - with platforms like Curve which rebundle the financial space, making it possible for you to securely manage your money, on-the-go, all in one place.
Bill Earner, Connect Ventures:
As an investor, we look for high-potential teams that can build great products that allow them to be disruptive on a global scale. With Curve, we’ve found both: a great team and a huge potential to create a new category in an industry ripe for change. Accessing money in a simpler, safer way is a universal need, and we’re excited to be working with the team as it looks to serve that need on full launch later this year.
Mariano Belinky, Managing Partner at Santander InnoVentures:
With strong traction and a unique proposition that looks to effectively serve customers in an open banking world, Curve will make a very strong addition to Santander’s investment portfolio. We're excited about the collaboration between Curve and Santander, and look forward to supporting the business as it evolves from a disruptive payments solution to a fully fledged ‘Connected Finance’ platform.
Devin Kohli, Head of Digital Coverage and Investments at Investec:
Curve has shown significant progress since our initial investment, building a better way to pay and laying the framework for one of the world’s first Connected Finance platforms. With growing awareness and demand, we’re confident this latest investment will help the platform successfully move out of Beta and enjoy rapid adoption on full launch.
Henry Ritchotte (ex Deutsche Bank COO):
Curve’s full launch will signal an important moment for the banking industry. An explosion of disruption and investment in financial technology has created more choice for businesses and consumers - but also fragmentation and confusion. Digital one-stop-shop platforms have transformed sectors like retail and entertainment - and because Curve can do the same in banking, the potential is huge.
For media enquiries, please contact:
Callum McCaig, Curve
E: callum@imaginecurve | P: +44 (0)7507 567864