Curve and Credit Suisse ink $1bn deal to expand BNPL products

Curve has been moving into the consumer lending market over the past few years since the launch of its BNPL-like product. Now it has the financial firepower to scale it.

Curve, the UK-based fintech company, has landed a $1bn funding deal with Credit Suisse.

The credit facility, which comes at a difficult time for Credit Suisse, will enable the company to scale its Curve Flex business, a BNPL-like instalment loans product across the UK, the EU and the United States

Curve Flex allows customers to split their Curve transactions at any merchant, using any card, anywhere in the world – into monthly instalments. These can be three, six, nine or 12-month instalments. 

It launched in the UK in September 2020 with plans to take on Klarna with a US launch also. 

It now plans to expand its offering across markets into the EU and the US as well as with innovative new product offerings, such as the ability to access a direct line of credit before making a transaction and the ability to refinance existing credit lines. 

In 2023, the company also plans to launch a new product more similar to ‘buy now, pay later’ lending product for customers both in-app and in-browser. 

The company, which says it has four million customers globally, brings cards from different banks and providers together in one app and is live in 31 markets.

Paul Harrald, CIO of Curve Group and the Global Head of Curve Credit, says the company has “ ambitious plans” for lending.

“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.