Curve seeks fresh funding as growth strategy refocuses

Curve, the British financial technology firm challenging Apple Pay, has announced plans to raise new funding after pausing its operations in the United States. The company, founded by Shachar Bialick in 2015, provides a platform that combines multiple cards and PayPal accounts into one smart card or device, with wearable payment options such as rings and watches also part of its offerings.

In recent years, Curve’s technology has expanded its reach. It has powered Samsung Pay in the UK since 2020 and provided the infrastructure behind Huawei’s digital wallet across Europe in 31 countries. Now, Curve is aiming to launch its own alternative to Apple Pay on iPhone devices, following the conclusion of an EU investigation that could open access to Apple’s near-field communication chip for other digital wallets.

The company’s chief executive, Bialick, highlighted the purpose of the funding efforts, stating it would support ongoing innovation and align with Curve’s strategic aim of sustainable expansion. He expressed optimism about achieving profitability, saying that current financial trends indicated the company could reach break-even in the near future.

Despite such ambitions, Curve’s financial journey has been challenging. Accounts filed recently show a loss of nearly £36 million in 2023, though this marks an improvement from the £67 million loss recorded in 2022. Revenue for 2023 increased to £26.7 million during the same period. The company will need further capital injections within the next twelve months, according to an audit conducted by PWC. Although Curve has forecast that this funding will materialise, the auditors flagged a “material uncertainty”.

Over the past year, Curve raised £29.8 million in equity funding and secured an additional £11.6 million in debt finance. This financial support helped sustain the business after it halted its US card operations mid-2022, a decision attributed to product dissatisfaction in the American market. Bialick noted that the focus has shifted to strengthening Curve’s position in its core markets, with the intent to revisit the US once the product offering has been revamped to meet its standards.

By refining its strategic priorities, Curve intends to position itself for long-term growth. Market observers remain watchful as the fintech seeks to convert its ambitious plans into measurable outcomes while navigating a competitive and challenging financial environment.