FinTech: Curve Amasses $1B Funding To Scale Its Curve Flex Lending Business
The Curve Flex product allows customers to split any transaction they’ve made with Curve – at any merchant, using any card, anywhere in the world – into monthly instalments.
Financial superapp Curve has secured a $1 billion loan facility from Credit Suisse (SWX: CSGN) to grow Curve Flex, its lending business, in the UK, the EU and the United States. Curve Flex enables users to better plan their cash flows and reduce borrowing costs. (CISION PR Newswire)
To date, Curve, which launched to the public in 2018, has raised more than $180 million in equity investment. It offers a digital wallet that combines all of a user’s money into one app with one card. Curve has amassed more than 4 million customers globally.
“We have ambitious plans for lending. We have launched and very successfully tested our unique Curve Flex product, and are delighted to be able to scale our lending capabilities with this new financing,” said Paul Harrald, CIO of Curve Group and the Global Head of Curve Credit, Curve’s consumer lending business. “Securing financing of this size during this period of economic uncertainty is a testament to the broad support of our bold expansion plans underpinned with now demonstrated expertise with data.”
Curve’s technology allows it to view its customers’ financial positions in real time, enabling a real time assessment of eligibility to lending offers. This ensures Curve’s lending is timely and highly responsible, because Curve is best positioned to underwrite risk, and offer the customer the best available products.
Use of funds
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 making 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-app and in-browser.
Related Story: Sunbit Raises $250M Revolving Debt Facility
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