Curve intends to use the current loan proceeds to expand its offering across markets into the EU and the US, along with new product offerings related to direct line of credit
Curve will expand its Curve Flex business. (Credit: Patrick Tomasso on Unsplash)
UK-based financial super app Curve has secured a $1bn credit facility from Swiss lender Credit Suisse to expand its Curve Flex offering across the UK, the EU, and the US.
The company rolled out Curve Flex in the UK, together with Swipe Now to Pay Later (SNPL), which enables customers to split any transaction on Curve card into instalments.
Curve intends to use the current loan proceeds to expand its offering across markets into the EU and the US, along with new product offerings related to the direct line of credit.
In addition, the company is planning to launch a buy now pay later (BNPL)-style lending product for customers both in-app and in-browser, in 2023.
Curve Group CIO and Curve Credit global head Paul Harrald said: “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.
“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.”
Established in 2018, Curve is a digital wallet with more than four million customers worldwide, which combines all the money into one app with one card.
Its Curve Flex product allows customers to split any transaction made with Curve into monthly instalments, regardless of the merchant, card type, and location.
Flexing a Curve transaction would allow its customers to handle their cash flow more responsibly, while reducing their borrowing costs.
Also, it smooths a larger payment over time and allows cashback in a bank account, providing an easy way to pay off their credit card balance, said Curve.
In addition to the Flex product, Curve also offers other features such as ‘Go Back in Time’, which allows users to move past purchases between accounts and cards.
It also offers rewards on top of existing credit card rewards programmes and provides responsible and timely lending offers across different alternative financial positions.
The company has secured more than $180m in total equity investment to date.