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July 16, 2019

Card consolidator fintech Curve raises $55m

By Patrick Brusnahan

Curve, the card and account consolidator fintech, has secured $55m from a group of investors in a Series B funding round. The firm is now valued at a quarter of a billion dollars.

Curve, which consolidates cards and accounts in one card and app, believes this marks the beginning of a new era in banking.

The round was led by Gauss Ventures and comes less than two years after Curve secured its Series A investment. Furthermore, this round also had investment from Creditease, IDC Ventures and Outward VC.

A number of Curve’s early stage investors are also back, including Santander InnoVentures, Breega, Seedcamp, and Speedinvest.

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.”

“The success of Curve, demonstrated by its outstanding growth, is a clear testament to the opportunity in rebundling 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,” he added.

Ben Marrel, a founding partner at Breega, one of the original investors in Curve said: “Curve is a real trailblazer and we’re very proud of their amazing trajectory. Their unique solution offers consumers a seamless banking experience by aggregating both traditional retail and neobanks services through the same card and app. Over-the-top banking solutions like Curve are here to redefine the future of banking like over-the-top video reinvented TV.”

Curve currently has more than 150 staff and is on track to hit its millionth customer by the end of the year.

Earlier this month, it launched Curve Cash, which gives 1% instant cashback to customers.

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