Venture Capital: UK Fintech Curve Eyeing Fundraise Between £100m and £120m
The fintech is looking to raise the money in its Series C round, according to an exclusive report by Sifted.
Sifted revealed that London-based fintech Curve may raise an amount upwards of £100 million in a proposed Series C round. It reportedly started its efforts to raise money earlier this year and if the efforts pay off, it could be one of the biggest raises by a fintech in Europe this year amidst the pandemic.
Curve call for funds
Sources told Sifted that Curve was raising the money to fund its international rollouts in France, Germany, Italy, Poland, Portugal, and Spain.
However, the company may also have suffered a decline in revenues over the lockdown period as users likely used their cards less in retail stores. Curve makes its revenues from the interchange fees it charges when customers use its cards. It also charges a subscription fee for its premium products.
It also suffered business interruptions due to the Wirecard scandal.
However, Curve could gain in the future from the data it has in its possession relating to card usage by consumers. The fintech connects all a consumer’s different cards into one smart card run through a single app.
The fintech previously raised $55 million Series B last July at a valuation of $250 million. The raising was led by Gauss Ventures, alongside Creditease, IDC Ventures, and previous backer Outward VC. Several other early investors, including Santander InnoVentures, Breega, Seedcamp, and Speedinvest also participated.
According to Sifted, Curve’s chief executive Shachar Bialick may be coming to market to raise funds before there is a further deterioration in VC sentiment due to the pandemic.
Monzo had to face a down round in its latest raising and there has been some talk of “investor fatigue” relating to fintechs.
Related Story: UK-based Checkout.com Lands $150M at a $5.5B Valuation
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