Curve ramps up Brexit planning with Lithuanian subsidiary

CEO Shachar Bialick says he initially considered Ireland, Luxembourg and the Netherlands.

All-your-cards-in-one fintech Curve has set up a new office in Vilnius, Lithuania, along with a local subsidiary to help it serve its European customers following the end of the Brexit transition period.

The move comes as the UK approaches the end of its negotiations with the European Union, and with the 31 December approaching for the conclusion of the Brexit transition period.

Founder and CEO Shachar Bialick says the company considered Ireland, Luxembourg and the Netherlands among the options for setting up its European base, before settling on Lithuania.

“We chose Lithuania as a gateway to Europe because of the ease of business there, its welcoming culture and world-class AML standards,” he said.

“I’m excited about the huge boost to the Curve platform that our license in Lithuania will give to our growth and ability to serve customers around Europe.”

The fintech’s new Vilnius office will be more than just a corporate shell, it will house Curve’s AML, compliance and risk management operations, with the startup looking at what other teams can be established there.

In recent months Curve has been working on its Credit offering to let users spread any purchase they make on their card into six-monthly or nine-monthly chunks.

Thought Machine has been selected to provide the Vault core banking platform behind its lending, and ex-Deutsche Bank managing director Henry Kenner has been brought in as a non-executive director of the Credit project.

Meanwhile Curve missed out on the BCR’s Pool E earlier this Summer after its bid wasn’t selected, and murmurings of a £100m upcoming raise have fallen silent in the last months.