LONDON--(BUSINESS WIRE)--Curve, the fast-growing financial super app, today announces it’s launching a new crowdfunding round to enable its growing customer base to invest, as it fuels its expansion into the US and further into Europe. The campaign is set to go live sometime in May.
Having secured £72.5 million from a leading group of international investors as part of its successful Series C round, Curve is now extending the opportunity to its customers and wider community to take part in the next stage of its ambitious growth strategy.
Since its record-breaking crowdfund in 2019, which raised £4 million within 42 minutes, Curve’s valuation has tripled. In the last year alone, Curve hired over 100 new staff, doubled its customer base to over two million, and saw the volume of transactions it processes increase by over £1 billion to £2.6 billion, despite the backdrop of a global pandemic.
The proceeds of the crowdfunding and Series C round will be used to turbocharge growth by investing in product innovation and international expansion. Curve’s 2021 roadmap includes the rollout of its new Curve Credit offering, the launch of its award-winning platform to customers in the US, and broadening its reach across Europe. To deliver this, Curve plans to grow its workforce by around 60%, adding at least 200 employees over the course of 2021.
The crowdfund will be conducted via Crowdcube. The campaign will enable those that missed out on the opportunity to invest in Curve in 2019 to follow in the footsteps of some of the most respected global institutional investors in tech, including IDC Ventures, Fuel Venture Capital and Vulcan Capital (the investment arm of the estate of Microsoft co-founder and philanthropist Paul G. Allen).
For further information on how to invest, and to pre-register interest and to receive updates on when the crowdfund will be live, visit https://www.curve.com/crowdfunding2021.
Shachar Bialick, Founder and CEO of Curve, said: “2020 was a transformational year for Curve, and I believe 2021 will be bigger yet, as we fulfil our mission to build a financial super app. With increasing fragmentation in financial services, and growing demand from consumers for a simpler way to control and manage their finances, the scene is set for Curve to seize a global opportunity. We are investing in our people and the business to make that happen.
Since we place our customers at the heart of everything we do, we wanted to offer another chance for them to be involved in our success, enabling them to be part of our journey. We know many new customers missed out on our 2019 crowdfunding, and we’ve fielded constant requests to open a new round. So I am ecstatic to announce the launch of this crowdfunding campaign, and look forward to redefining the future of personal finance together with our customers and shareholders.”
Curve is an all in one financial super app. Its mission is to be a one-stop shop for all the financial needs of a consumer; a single point of access to a wide range of financial products and services, bundling together all your money into one smart card and an even smarter app. Unlike other services available in the market today, Curve allows customers to connect and supercharge their legacy banks to the 21st century, without leaving their bank or signing up to a new bank. Curve is live in 31 markets across the UK and European Economic Area (EEA).
Curve provides a host of benefits to its customers:
- Combines a customer’s Mastercard and Visa debit and credit cards in one card.
- Enables customers’ cards to fit into Apple Pay, Google Pay, Samsung Pay, FitBit Pay and many more, even if their banks do not support this integration.
- Curve provides 1% cash back on selected retailers for the first 3 months, or for longer when on one of Curve’s paid subscriptions.
- With Curve’s patented Go-Back-In-Time ® feature, Curve customers may be able to swap their spend to a different account, up to 90 days after the purchase was made.
- Increased security and privacy - Curve simplifies customers’ lives by providing them with only one pin to remember; keeping other sensitive card numbers safe by using Curve when spending online; providing real time spending notifications and the ability to lock the Curve card directly from the app.
- Peace of mind - Curve’s premium Metal offering provides mobile phone insurance and travel insurance to ensure customers can focus on living their lives, rather than worrying about losing their phone or bags when they travel.
Curve supports Mastercard® and Visa networks. The Curve Card and e-money, related to cards issued in the UK, is issued by Curve OS Limited, authorised in the UK by the Financial Conduct Authority to issue electronic money (firm reference number 900926). The Curve Card and e-money, related to cards issued in the EEA, is issued by Curve Europe UAB, authorised in Lithuania by the Bank of Lithuania (electronic money institution license No. 73 issued on 22 of October, 2020).
About the crowdfund
This announcement is not an offer of securities for sale or subscription in any jurisdiction, and should not be relied upon in connection with any offer. Any investment decision should be based solely on the basis of the terms of the investment, which will be made available to eligible potential investors in due course.
Not for release, publication or distribution, directly or indirectly, in whole or in part, in or into the USA, Canada, and Japan or any other state or jurisdiction in which such release, publication or distribution would be unlawful.
Investing involves risk and should be done only as part of a diversified portfolio. Investing equity in start-ups and early stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. Crowdcube is targeted exclusively at investors who are sufficiently sophisticated to understand these risks and make their own investment decisions. Approved as a financial promotion by Crowdcube Capital Limited which is authorised and regulated by the Financial Conduct Authority (No. 650205).