Curve’s delayed annual results show 2019 losses leapt to £26.5m

While revenues doubled to £5.8m for the all-your-cards-in-one fintech.

Nine months after Curve was due to file its results for 2019, the fintech has finally posted them on Companies House revealing a sharp 330 per cent rise in its losses.

The all-your-cards-in-one fintech recorded a loss of £26.5m during the 14 months ending 31 December 2019, up from a loss of £6.1m the previous 12 month period, while its revenues doubled to just £5.8m.

Curve’s filing comes as the fintech today announced a $95m funding round, and it appears that its results were delayed due to the funding round’s first tranch of capital being needed for Curve to file its results as a Going Concern.

“Curve is uniquely positioned to succeed in markets where the use of debit and credit cards is ubiquitous,” writes CEO, founder and director Shachar Bialick in the filing.

“Its core product strategy and positioning — All Your Cards in One — fits perfectly into the current market conditions in Europe, North America and Latin America and fuels Curve’s growth.”

According to the filing Curve’s headcount grew to 213 employees at the end of 2019, up from 85 the previous year.

Among the fintech’s disclosures is its gross transaction volume of £826m, up 277 per cent from £219m the previous period, and made by Curve’s 860,000 total customers (up from 230,000).

Curve has a different definition for ‘monthly active customers’ which it says grew 346 per cent during the period, but without disclosing an exact figure.

While the period covered by the results doesn’t include Covid-19, Bialick says that during the second quarter of 2020 the fintech “took prudent measures to reduce discretionary spending and ensure Curve maintains a healthy liquidity profile”.