LONDON – Fintech banking startup Curve raised $10 million (£7.8 million) in a Series A funding round.
The round brings its total investment to $13 million (£10.14 million).
The funding comes from a wide range of global banks, venture capitalists and industry veterans, including Santander InnoVentures, Investec and Henry Ritchotte, former COO of Deutsche Bank.
Curve aims to combine all a customer’s cards into one Mastercard, connected to a mobile app. Investors hope it will open a new ‘Connected Finance’ category in banking.
“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.
“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,” he said.
Curve’s customers use a Curve Mastercard linked to all their accounts, all of which can be managed centrally from the app. The Mastercard used to make payments is linked to a default card, which can be changed at any time via the app. The service can be used anywhere in the world that accepts Mastercard, and has been used to make over £50 million ($64.25 million) worth of payments in over 100 countries to date.
Features include the ability to spend like a local and save money on FX without changing your banking provider – Curve charges a flat 1% rate on top of the Mastercard rate, lower than traditional overseas bank charges. There is also a points rewards programme and the ability to ‘go back in time’ and change the card used for a purchase for up to two weeks after the transaction.
The company plans to launch ‘Curve Connect,’ which will allow customers to use Curve alongside other mobile banking services. Curve is currently in beta mode, but is planning to launch formally in the UK this year.
“As an investor, we look for high-potential in teams that can build great products that allow them to be disruptive on a global scale. With Curve, we’ve found both,” said Bill Earner, from investor Connect Ventures.
Devin Kohli, head of digital coverage and investments at Investec, said, “Curve has shown significant progress since our initial investment, building a better way to pay and laying the framework for one of the world’s first Connected Finance platforms.”