Financial super app Curve has secured an additional £58m extension of its Series C round, bringing its funding total to over £133m, in one of the largest rounds of 2023.
The funds are expected to enable the London-based FinTech to improve its app’s overall customer experience, expand its Flex offerings, and bring exciting new partnerships to the market.
The extension round saw participation from Britannia, IDC Ventures, Cercano Management (the venture arm of Microsoft co-founder and philanthropist Paul G. Allen’s estate), Cohen Circle, Outward VC as well many other existing shareholders.
Shachar Bialick, founder and CEO of Curve, said: “We are extremely pleased with the interest we received in our Series C extension round and the support we received from our existing shareholders.
“It’s a testament of the execution of our team, the strength of our product, and business as a whole. This last raise, like any raise, brings with it renewed responsibility to our shareholders and our customers; to build a good product and an exciting business, by executing well.
“Curve’s unique, user-friendly and innovative product is something that investors, partners and customers alike are drawn to naturally, and with this additional cash, we look forward to bringing more people closer to financial independence.”
Curve has experienced impressive growth in 2023. Earlier this year, Curve successfully transformed its business model which allowed it to highly improve its gross margin and, in turn, enter a phase of scaling the business in a sustainable way towards the path to profitability.
Bobby Aitkenhead, co-founder and Managing Director at IDC Ventures, said: “Curve isn’t just aggregating funding sources into one credit card, they’re revolutionising how we perceive and access our money.
“Thanks to their unique technology and Layer 3 (OTT) approach, they have the capability to intercept the transaction and supercharge the customer experience, with its Double Dip Rewards, or eliminating nasty hidden fees. And they do it seamlessly, without any need for the customer to change the cards they pay with.
“This in turn gives Curve 360 view of the customer finance, a wealth of data which allows Curve to offer superior, personalised experience for customers, coupled with a strong business model. As they’ve proven in the past 12 months. Our conviction in Curve grew substantially upon witnessing the remarkable capabilities and proven history of its founder and the team he built around him.”
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