Global banks, leading VCs and industry veterans are betting big on what could prove to be the next big disruptor to the finance industry, backing UK fintech startup Curve to the tune of $10m.
Confidence in the UK fintech startup has grown rapidly, with the Series A funding round oversubscribed and drawing the likes of Santander InnoVentures, Investec and Oxford Capital.
There is a growing consensus that Curve will open up a new ‘Connected Finance’ category in banking, helping established and new European banking providers meet the needs of today’s mobile-first customer.
The backing of individual investors such as ex Deutsche Bank COO Henry Ritchotte and ex Credit Suisse board member Gael de Boissard all point toward Curve delivering on its potential to be a big disruptor in finance.
Henry Ritchotte, ex Deutsche Bank COO, said: “Curve’s full launch will signal an important moment for the banking industry. An explosion of disruption and investment in financial technology has created more choice for businesses and consumers – but also fragmentation and confusion. Digital one-stop-shop platforms have transformed sectors like retail and entertainment – and because Curve can do the same in banking, the potential is huge.”
The Series A funding round, which brings total funding to $13m, is all the more indicative of the growing confidence in the UK fintech startup as Curve has yet to officially launch and is only available in Beta.
Curve provides a secure connected smart card that combines all your cards into one, as well as a secure mobile app to manage money in one place.
It can be used anywhere in the world that accepts Mastercard and has so far been used for over £50million in payments in over 100 countries. Impressively, over 50,000 people have already signed up to Curve.
“In the last 12 months, we’ve established a loyal base of customers who love the way Curve complements and improves their existing financial lives,” said Shachar Bialick, Founder and CEO at Curve.
“That’s the space in which we’re innovating and this fundraise recognises that focus, marking a new phase in our ability to scale up. It’s rare for such a wide set of banks, investors and leaders to agree on the potential for a disruptive product so early on.
“The investment highlights growing consensus that we will open up a new ‘Connected Finance’ industry category – with platforms like Curve which rebundle the financial space, making it possible for you to securely manage your money, on-the-go, all in one place.”
The $10m raised will be put towards recruiting more staff and building more features ahead of Curve’s full launch.