Curve, the all-your-cards-in-one-place fintech, says its goal is to break even in the “near term” after halving losses but has put on hold its US expansion plans.
Curve, founded in 2015, allows customers to use their bank and loyalty cards through one app, and says it has more than 5.5m customers.
New figures filed at Companies House show the London fintech made a pre-tax loss of £36m in 2023, a 48 per cent improvement on its £69m loss the year before.
The reduction in losses was down to a 21 per cent uptick in revenues to £26.7m and cutting the cost of producing its products, Curve said.
When asked if Curve would be full-year profitable for 2024, founder and CEO Shachar Bialick said:
"We’re managing our growth strategy in a way that brings us closer to profitability. Our priority is sustainable expansion, and we anticipate reaching break-even in the near term.”
Curve has partnerships with Samsung, PayPal and Visa and is also planning to launch Curve Pay, which it’s billing as a rival to Apple Pay, a move in which it claims could save banks millions of euros that are paid to Apple in transaction fees.
Bialick said:
“We have recently begun beta testing on Android, and expect a full roll-out in the coming months.
“Curve Pay will not only consolidate all cards into one app, offering convenience and security but also offers direct in-app payments, eliminates hidden fees like currency conversion charges from all linked cards.”
Headcount was down at Curve from 315 to 208 in 2023. When asked if this was down to redundancies, Bialick said:
“Our average employee headcount was reduced through the natural evolution of the business (e.g. increased performance, increased focus); over time, we optimized our teams to ensure our workforce is aligned with current strategic priorities.
“This approach, combined with new technologies and automation (e.g. GenAI), has allowed us to focus resources more effectively on product innovation, customer value, and sustainable growth.”
Curve, which is in over 30 markets, has raised over £200m in total funding and according to UKTN received more than £40m in funding in 2024, which was made up of £29.7m in equity funding from new and existing investors and £11.6m from debt funding in the form of a convertible loan.
The financial figures also show that Curve decided to put on pause its US expansion plans, having launched in beta in 2022.
Bialick added:
“We remain committed to the US market and are laying the groundwork to ensure that when we scale there, we do it responsibly and with the right partnerships.
“At this stage, our primary focus is on deepening our offering in our core regions (UK and Europe), but we look forward to bringing those same benefits to the US in due course.”
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