Curve is upping its lending game through a major deal with Credit Suisse to fund loans issued in the UK, EEA and US
LONDON, Dec. 6, 2022 /PRNewswire/ -- Curve, the fast-growing financial super app, today announced that the company has closed a deal to fund its first $1 billion in loans with a facility provided by Credit Suisse, enabling Curve to scale its lending business, Curve Flex, across the UK, the EU and the United States.
The Curve Flex product allows customers to split any transaction they've made with Curve ? at any merchant, using any card, anywhere in the world ? into monthly instalments. This uniquely flexible feature allows Curve's 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.
"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," said Paul Harrald, CIO of Curve Group and the Global Head of Curve Credit, Curve's consumer lending business. "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."
Curve, which launched to the public in 2018 and has amassed more than 4 million customers globally, is a one-of-a-kind digital wallet that combines all your money into one app with one card. In addition to the Flex product, Curve touts many unique features, including 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 ten percent cash back on purchases made with Curve on top of existing credit card rewards programs.
Curve's real-time access to valuable spend and behavioural data allows it to make highly responsible and timely lending offers across a variety of alternatives, thanks to a broad view across its customers' financial positions in real time. This, together with Curve being closest to the customer, means that Curve is best positioned to underwrite risk, and offer the customer the best available products ? whether it's offered by Curve or one of its partners.
In the UK, Curve Flex launched with a product called Swipe Now to Pay Later ('SNPL') - enabling customers to split any transaction they make on the Curve card into three, six, nine or 12 monthly instalments. With funding secured, Curve now plans 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 buy now pay later (BNPL)-style lending product for customers both in-app and in-browser.
To date, Curve has raised more than $180 million in equity investment and has reached over millions of customers around the world with its unique product and innovative partnerships with the likes of Samsung.
For more information on Curve, visit curve.com.
Curve is a financial super app. Its mission is to be a one-stop shop for all the financial needs of a consumer; a single point of access to a wide range of financial products and services, bundling together all your money into one smart card and an even smarter app. Unlike other services available in the market today, Curve allows customers to connect and supercharge their legacy banks to the 21st century, without leaving their bank or signing up to a new bank. Curve is live in 31 markets across the UK and European Economic Area (EEA).
Curve supports Mastercard, Visa and Diners Club networks. The Curve Card and e-money, related to cards issued in the UK, is issued by Curve OS Limited, authorised in the UK by the Financial Conduct Authority to issue electronic money (firm reference number 900926). The Curve Card and e-money, related to cards issued in the EEA, is issued by Curve Europe UAB, authorised in Lithuania by the Bank of Lithuania (electronic money institution license No. 73 issued on 22 of October, 2020).
For more information go to www.curve.com, like our Facebook page and follow us on LinkedIn, Twitter @imaginecurve and Instagram @imaginecurve.
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