London’s all-things-financial fintech Curve has secured $1 billion in a funding deal provided by Credit Suisse that will see the company scale its lending business, Curve Flex, across the UK, EU, and US markets.
A similar offering to what we've seen in the BNPL market, the Curve Flex product allows customers to split any transaction they've made at any merchant, using any card, anywhere in the world, into monthly installments.
"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, the startup’s consumer lending business.
In the UK, Curve Flex launched a product called swipe now to pay later, one it refers to as SNPL, enabling customers to split any transaction they make on the Curve card into three, six, nine, or 12 monthly installments.
The $1 billion in capital provided by Credit Suisse with see the startup expand its offering across markets into the EU and the US as well as push new product offerings, including the ability to access a direct line of credit before making a transaction and the ability to refinance existing credit lines.
Launched in 2018, Curve has raised more than $180 million in equity investment, including crowdfunding campaigns, and has amassed some 4 million customers globally.
"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," concluded Harrald.