Curve Raises $95 Million as It Plots U.S. Debut
Just a few weeks into 2021, the FinTech deals market is already starting to heat up. Last week, London-based Curve announced that it had raised $95 million in its latest funding round. The Series C was led by the trio of IDC Ventures, Fuel Venture Capital, and Vulcan Capital. OneMain Financial and Novum Capital also participated. With the latest round, Curve has raised a total of $175 million to date.
With the funds, Curve not only plans on expanding its reach in Europe but also intends on coming to America. While no launch date was given (and the app is not currently available in the United States App Store), the startup did open a Brooklyn office last February and is expected to make its stateside debut sometime this year. In the meantime, Curve is currently available in 31 markets and the company intends to roll out its new product Curve Credit in “early 2021.”
In a press release announcing the funding round, Curve founder and CEO Shachar Bialick stated, “We are ecstatic that our investors share Curve’s vision to empower as many people as possible to take control of their money and move banking to the cloud. This fundraise stands out as an endorsement of Curve’s unique product strategy, the excitement surrounding the debut of Curve Credit, and the upcoming launch of Curve in the U.S.” Bialick went on to praise those that helped the startup to this point, adding, “I want to thank our partners and shareholders, and the entire team at Curve for their tireless work to thrive throughout 2020.”
Meanwhile, IDC Ventures Managing Partner Bobby Aitkenhead said of the FinTech, “Curve’s pioneering approach to finance is more necessary than ever as we accelerate globally to a digital-first world. We are proud to support Curve as they bring their much-needed seamless banking experience to the United States in 2021. ” He also pointed out his company’s previous investment in Curve, saying, “Ever since we first invested in Curve in 2019, Shachar Bialick and his team have inspired us with their energy and vision of an all-in-one banking platform.”
Curve’s planned arrival in the United States comes after some other FinTech’s have also crossed the pond. Among them is Revolut, which officially launched in the U.S. last year and continues to add features for its American customers. Elsewhere, the family-centric personal finance app GoHenry also recently arrived in the States after finding initial success in its native U.K.
Certainly Curve has some stiff competition waiting for it as it expands to the United States. At the same time, with the FinTech and neobank markets exploding, there’s no reason why it can’t hold its own upon arrival. Overall, Curve is yet another import to keep an eye on as it attempts to make a splash in the FinTech space.