All-in-one FinTech app Curve locks in $1bn credit facility


Financial super-app Curve has closed a deal to fund its first $1bn in loans with a facility provided by Credit Suisse. 

According to Curve, the facility will enable Curve to scale its lending business – Curve Flex – across the UK, the EU and the US.

Curve claims the Flex product will allow customers to split any transaction they’ve made with Curve, at any merchant, using any card, anywhere in the world, into monthly instalments.

This feature, Curve claims, allows its customers to be more responsible with their cash flow while reducing their borrowing costs. Flexing a Curve transaction smooths a larger payment over time, can put cash back in a bank account if needed, and provides a convenient way to pay off their credit card balance.

Launched to the public in 2018, the firm has amassed more than 4 million customers globally and is a digital wallet that combines all a user’s money into one app with one card.

The company also offers the ability to ‘Go Back in Time’ to move past purchases between accounts and/or cards and allows customers to use their credit cards abroad. Curve’s rewards offering also allows customers to ‘double dip’ rewards – offering an additional 10% cash back on purchases made with Curve on top of existing credit card rewards programs.

With the funding secured, the firm is now planning 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 BNPL-style lending product for customers both in-app and in-browser.

Paul Harrald – CIO of Curve and the global head of Curve Credit – remarked, “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. We certainly are very pleased with the results of our lending to date, with our highly responsible approach encouraging responsible borrowing providing for excellent credit quality in a difficult market.”

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