Startup Curve raised $10 mln for his "Back to the Future" credit card

8 years ago - Published in Finance, Fintech Land, Fundamental Analysis

U.K.-based fintech startup Curve has raised $10 million in a Series A funding round. 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.

"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.

Last week, Curve announced another notable new feature, it can now let you switch the bank card you used for a transaction after the payment has already been made. The option gives you a two-week window to change which of the bank and credit cards you’ve linked to Curve is charged for a particular purchase.

So, for example, if you accidentally charged a work lunch to your personal current account’s debit card instead of your expense account’s credit card, you can simply “go back in time” and Curve will reverse or refund the charge and take it from the correct card instead.

The ability to “go back in time” and retroactively change the source of payment could in the future present an opportunity to recommend a different credit provider.

The service  can be used anywhere in the world that accepts Mastercard, and has been used to make over $64.25 million worth of payments in over 100 countries to date.

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.

“The investment highlights growing consensus that we will open up a new ‘Connected Finance’ industry category – with platforms like Curve which rebundle the financial space, making it possible for you to securely manage your money, on-the-go, all in one place”,  said Bialick.

The $10m raised will be put towards recruiting more staff and building more features ahead of Curve’s full launch.