News

Fintech Startup Curve Raises $55M For its Mobile Banking App, Boosting Its Valuation to $250M

Curve app has over 500,000 users and is on track to add half a million more this year.

Curve App

Curve, the London-based fintech startup, has raised $55 million for its mobile payment app in the Series B funding round. Over the-top banking platform takes its total funding to date to $75 million.

Curve app lets users combine multiple credit and debit cards in its single mobile banking app.  The users can use all the cards via one Curve card. 

Curve’s latest funding round is backed by Gauss Ventured, IDC ventures, Credittease including the participation from  Outward VC, Breega, Speedinvest, Santander InnoVentures, and Seedcamp.

With the latest injection of funds, the valuation of mobile payment app hits to $250 million. The new funds will aid the company’s plan of adding more new features to its digital banking platform and expanding to six more European countries.  

curve funding rounds

Boasting about the Curve app’s reach in 31 countries across Europe, its founder and CEO Shachar Bialick, stated,

The digital banking service provider claimed to have 500,000 active users and looking to add half-million more by the end of this year.

He further added,

Daniel Gusev, founding partner of Gauss Ventures said,

Unlike other top mobile banking apps, Curve app’s technology includes a payment card that lets people interchange payments between different bank accounts and cards. With this technology, users can track payments from multiple cards at once.

In addition, it also offers expenses updates and monitoring like other competitors finance apps.

London-based startup’s future business plan is to become a fully-fledged bank instead of depending on commission fees derived from subscription fees for cards and cash withdrawals including incentives and various cashback offers.

Britain’s fintech has bagged $1.3 billion till date. UK’s FinTech adoption rate is 42%, against a global average of 33%. Surprisingly, 42% of digitally active adults are using the services of at least one FinTech firm, and more than 20 million people are using banking and mobile payement apps.

Manish
Written By
Manish

With a mixture of literature, cinema, and photography, Manish is mostly traveling. When he is not, he is probably writing another tech news for you!

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