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Curve Launches New Round of Crowdfunding After 2019 Record As It Continues Global Growth

 


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urve, the London-based fintech that connects all users’ bank cards in one place, has launched a new crowdfunding campaign aimed at increasing customer outreach as it aims to become a super-app.

The app has raised 132 million since its launch in 2015, with its Series C fundraiser secured 72.5 million from investors including IDC Ventures and Vulcan Capital – the investment arm of the estate of the co-founder and philanthropist of Microsoft Paul G. Allen.

The app was last valued at $ 250 million (190 million) in 2019, but the start-up said today that its latest increase and moves saw its value triple to 591.7 million. .

Curve, which plans a full launch in the United States, European expansion and the roll-out of its new credit offering in 2021, launched a first round of crowdfunding in 2019 broke records. He had a goal of $ 1 million, but raised $ 4 million in 42 minutes and over $ 5.5 million from around 9,500 investors in five hours.

The new cycle is also taking place in Crowdcube with a goal of 1 million, but founder Shachar Bialick said the app will potentially allow him to rise again.

The valuation will be 591.7 million euros with a market price of 8.6212. Clients will be able to invest as little as $ 17.64 – which buys two stocks – and up to $ 1 million.

The founder told The Standard that crowdfunding is about client engagement, as the serious expansion of the source of cash comes from Curves’ institutional investors.

He said: In 2019 we hit our goal in five minutes, there was a lot of customer demand for another crowdfund.

It is also that we are looking at the data and that we have seen that with this cohort of investors, their retention rate is significantly higher. [new customers] 12-16 months in.

He [crowdfunding] allows us to increase evangelism among our customers.

It’s up to customers to come in and be part of the family. The money does not help us operationally.

The 2019 crowdfunding round was criticized by the FT at the time for not providing financial data to potential retail investors.

Curve told The Standard that this time around, while we are not required to provide a prospectus, to give our potential crowdfunding investors a better understanding of our business and its growth prospects, we will provide a detailed presentation. of the business case in which we will disclose the key indicators we monitor as well as historical financial information and forecasts.

Curve now has an office in Lithuania as well as London, Bristol and Brooklyn, after Brexit prompted the company to open an office in the EU.

The app says it doubled its customer base to over two million in 2020 despite halting marketing activities to save money, and hired 100 new employees as transaction volumes declined. increased from over a billion to 2.6 billion.

The idea is to become a super-app, Bialick said. Converge this crowd of products from the disparate world of money to become the central point of access.

If successful, Curve has the potential to become an OS for the cash – a super app for the cash It’s not just all your cards in one, but all your money in one place, so you have more control.

The platform adapts to everything from high street to challenger banks, enables contactless payments through its app, offers cash back on spending at points of sale, including Pret, and its Time Travel feature. allows users to switch old payments to different accounts to free up money.

Last year, it teamed up with Samsung to launch a digital charge card and has an anti-embarrassment mode that ensures user payments never bounce back on a date.

The crowdfunding round will be open for pre-registration from 8 a.m. on Tuesday.

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