London-based fintech platform Curve which wants to consolidate every banking card into a smart app has announced pouching $55 million Series B capital led by investment firm Gauss Ventures. The funding round saw participation from Creditease, IDC Ventures along with existing investors which included the names like Outward VC (formerly Investec’s INVC fund), Santander InnoVentures, Breega, Seedcamp, and Speedinvest. The Series A capital for the company came in the form of $10 million led by VC firm Connect Ventures in July 2017. The current fundraising takes the total amount raised by the company to $67 million and values the firm over $200 million.
Launched in 2015 by Shachar Bialick, the platform offers a smart app meant to help users in managing their banking abilities, helping them in money management. It combines all the banking accounts and cards into one smart Curve Mastercard. The firm claims to have more than 500,000 users on its platform coming from 31 countries across Europe which it plans to double by the end of 2019.
Curve founder and CEO Shachar Bialick talking about the platform say, “While the challenger and traditional banks are busy fighting to win or retain new customers, Curve is building an Over-The-Top Banking Platform that provides customers with a better banking experience with no need to change their bank." Bialick added that getting funds from the big investors is an endorsement of value and experience Curve is bringing to its customers.
Gauss Venture' founding partner Daniel Gusev talking about the capital infusion said, “The success of Curve, demonstrated by its outstanding growth, is a clear testament to the opportunity in re-bundling of financial products and services. The strength in Curve over the challenger banks is its product strategy which avoids competing directly with the banks by building an over the top banking platform.”
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