All-in-one bank card app Curve raises $10m Series A
The London-based fintech start-up intends to use the funds to help its recruitment drive ahead of a full launch
Curve, an all-in-one bank card app, has raised $10m in Series A funding from a host of banks, venture capitalists and individual investors.
The fintech start-up, which helps combine all of its users’ bank cards into one Mastercard via its banking app, was backed by global banks Santander Innoventures and Investec as well as leading VCs and investment groups Connect Ventures, Speedinvest, Oxford Capital, Breega Capital and Samos Investments.
Individual investors included Henry Ritchotte ex-Deutsche Bank COO, Gael de Boissard ex-Credit Suisse board member, Alessandro Hatami of The Pacemakers, ex-Lloyds, Paypal and GE Capital, Paul Townsend of Vitesse PSP, Barclays and WorldPay, Emilian Popa of Rocket Internet, Naspers and Groupon, and Rohan Haldea of Apax Partners.
Founded by Shachar Bialick, Curve has already been used for over £50m worth of payments in over 100 countries and boasts over 50,000 members – despite the fact it is yet to launch out of beta mode.
Combing all users bank cards into one contactless Mastercard which is connected to the app, the start-up aims to open up a ‘connected finance’ category in fintech and meet the increasing needs of mobile-first consumers.
In what has been dubbed a “financial time travel” feature, the app even allows users retrospectively change what card they have used for a certain payment up to two weeks after the transaction.
The London-based fintech start-up intends to use the funds to help its recruitment drive ahead of a full launch.
Existing investors in the business include the likes of Seedcamp, Taavet Hinrikus of TransferWise, Ed Wray of Betfair, Ricky Knox of Tandem, Michael Kent of Azimo and the founders of Google Wallet and Money20/20.
Another big win for the UK tech scene, fellow fintech Revlout today raised $66m in Series B funding round.
“In the last 12 months, we’ve established a loyal base of customers who love the way Curve complements and improves 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, of Connect Ventures, said:
“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.”