By Daniel Lanyon on Wednesday 7 December 2022
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
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.
“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.