UK fintech Curve that combines multiple cards and accounts in a single smart card and mobile app has raised $ 95 million in a new funding round led by IDC Ventures, Fuel Venture Capital and Vulcan Capital.
OneMain Financial and Novum Capital also participated in the investment round. With this funding round, Curve has reached the total investment of $175 million The company says it plans to use the new investment to expand internationally, including the US, and deepen European reach.
Founded in 2015, Curve has reached a user base mostly of young people in the last few years thanks to its online banking services in Europe and the company currently has 2 million customers. Curve announced a new partnership with Plaid in December to bring open banking to the UK, allowing users to manage and view their bank accounts in one place. It also established a subsidiary in Lithuania Vilnius to serve in the EU after Brexit.
Curve CEO and founder Shachar Bialick said Curve was less affected by the pandemic than its competitors. Bialick added that despite the challenges Covid-19 posed for many businesses, they saw significant growth and achieved many of their goals.
Bobby Aitkenhead, Managing Partner of IDC Ventures, said in a statement that: “Curve’s pioneering approach to finance is more necessary than ever as we accelerate globally to a digital-first world.”