‘Financial super app’ Curve has closed a deal to fund its first $1 billion in loans with a facility provided by Credit Suisse.
The London company plans 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.
“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 digital wallet that combines a customer’s money into one app with one card.
It includes 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 gives customers 10% cash back on purchases on top of existing credit card rewards programmes.
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.