Payments fintech Curve has secured a $1bn credit facility from Swiss investment bank Credit Suisse to fuel the growth of its buy-now pay-later (BNPL) offering, Flex, in the UK, European Union (EU) and the US.
The facility will enable Curve to finance its first $1bn in BNPL loans.
Curve Flex has been designed to enable consumers to divide their transactions in monthly instalments when paying using Curve.
This can be availed by consumers using different cards, merchant outlets and places to make the transactions.
Curve Group CIO and global head of Curve Credit Paul Harrald said: “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.
“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.”
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Launched in 2018, Curve is currently being used by over four million customers worldwide. The firm has garnered over $180m in equity investment so far.
In the UK, the company rolled out Curve Flex with the ‘swipe now to pay later’ (SNPL) tool, which allows consumers to split their payments into three, six, nine or 12 monthly instalment schemes.
Curve plans to introduce a BNPL lending solution for its in-app and in-browser clients next year.
In October this year, Curve announced a partnership with Sweden’s Fidesmo to tap the growing popularity of wearable payment devices.