Recently, there has been a marked increase in technology industry companies taking steps to move into the financial sector. Apple will begin offering its consumers lines of credit later this summer. Facebook is developing a cryptocurrency/banking platform subsidiary.
While the viability of those services is yet unknown, the online commerce segment has proven very lucrative for innovative tech startups.
The Appeal of Simplicity
Curve’s product is an application and payment card that allows consumers to unify and manage their finances. Users can enter all their Visa and Mastercard data into the program and then use it as a digital wallet. Subscribers are also provided with an EMV compliant card that they can use to make purchases with at stores that don’t accept digital payments.
The corporation hasn’t built up a user base of more than 500,000 customers just because it’s a quality digital wallet. When customers pay through Curve while shopping internationally, they don’t have to pay foreign transaction fees. The firm also gives customers the ability to change their payment sources retroactively. So, if a user accidentally puts an expensive jacket on their emergency card, they can alter its payment type up to two weeks later.
Furthermore, the fintech startup offers consumers a decent incentive for completing their transactions using its service. Subscribers can get one percent cash back on all purchases they make with their six favorite retailers.
Curve’s leadership intends to use its $55 million cash injection to build up the company. The firm plans to bring its services to an additional 500,000 users by the end of the year. To do that, CEO and Founder, Shachar Bialick, said that the company would introduce Curve Send, a peer-to-peer fund transfer feature. He also noted that the company would be launching a post-transaction installment payment function called Curve Credit.
Given its past success, there’s no reason to expect that Curve won’t be able to achieve its goals. Four years in its existence, the company has already expanded into 31 European nations. The startup has also attained a remarkably high engagement rate; its customers spend an average of £1,500 ($1,863) per month. Gauss Ventures, CreditEase, and IDC Ventures believed in the firm’s potential enough to have invested $55 million in it.
Now valued at $250 million, Curve has everything it needs to become a major player in the global fintech market.