Securing $55 million through its latest Series B funding round, smart banking app Curve states that it has secured a ‘top-5 place’ amongst the UK’s most valued Fintech enterprises.
Founded in 2015 by Israeli entrepreneur Shachar Bialick, Curve seeks to disrupt traditional day-to-day banking engagements, providing its customers an ‘all-in-one’ solution for monitoring their entire financial transactions across current account, credit card, savings verticals.
Whilst competitors Monzo, Revolut and Starling Bank have chosen to compete as ‘challenger banks’, Curve views itself as an everyday banking support structure, consolidating a consumer’s multiple cards and accounts in one smart card and app for daily use.
Curve’s $55 million funding round was led by venture capital fund Gauss Ventures, who detailed that Curve’s ‘high impact technology’ would reshape the financial and banking industries.
“The success of Curve, demonstrated by its outstanding growth, is a clear testament to the opportunity in re-bundling of financial products and services” said Daniel Gusev, founding partner of Gauss Ventures.
“The strength in Curve over the challenger banks is its product strategy which avoids competing directly with the banks by building an over the top banking platform”
Updating the media, Curve’s enterprise team detailed that the secured capital would be used to enhance its current UK product offering, and to support six European market launches as Curve prepares to launch in : France, Germany, Italy, Poland, Portugal and Spain, with a US debut planned by mid-2020.
Citing confidence in its future ambitions, Curve points to its customer data which indicates that its average user spends average £1,500 a month through the Curve platform (+30% than Monzo) which acts as ‘mission control for their money’.
Shachar Bialick, founder and CEO of Curve said, “While the challenger and traditional banks are busy fighting to win or retain new customers, Curve is building an Over-The-Top Banking Platform that provides customers with a better banking experience with no need to change their bank. “
“Curve is playing a completely different ball game, it is not a challenger bank which means that we can focus on creating a radically better customer experience, without asking customers to trust their salaries with us, or the significant overhead of becoming a regulated bank. Receiving this level of investment from such prominent investors is a fantastic endorsement of the value and experience Curve brings to its customers.”