Curve and challenger banks are not in competition for the same market, according to Product Lead Arthur Leung. The venture offers a card that allows you to use it as a proxy for different cards at the same time, and an app through which you can track and control expenses made.

In an interview with IBS Intelligence, Leung talked about how Curve thrives on the variety of account and bank offerings in the market, leveraging this and creating a platform designed to facilitate access to all these offerings.

“The way we see it is that real life is more complicated than [one account, one bank, one app],” he says when challenged on the app’s capabilities compared to neo-banks. “Millennials are now growing up; people get new jobs, get married, move countries, start businesses… You can pick and choose the best account for each of these situations, and unify them all through our app. We are really the only product on the market that allows you to do that.”

Leung mentioned challenger banks like Monzo and Tandem, crediting them for the great strides they’re taking in the digital world. Even though some of the features and services are similar, he believes that one individual bank will never be able to fulfil all the financial needs throughout a person’s life. “Younger people, who just got their first account, perhaps don’t need to use Curve as of yet. But we trust that as they grow up, and start having kids, or buying houses, they will see the value of Curve.”

If picking and managing your accounts, no matter which bank, is easier than ever, Curve sees little reason to not go for the most benefits. The aim is to encourage multi-banking and competition and, as a result, innovation and better services. “We’re in the business of spending and managing money, through to storing it.”

A new Curve road

Even so, customers may still give up on certain features by picking an account over others. That’s why Curve is expanding the capabilities of its product. Take, for instance, Curve Connect. It allows card holders with commercial purposes to automatically transfer their details about their expenses from their app to an accounting software, completely frictionless.

“As a part of our long-term vision for the product, and we’re already taking user feedback/working with several FinTechs about how they can be integrated into Curve Connect, within the app – we haven’t announced any partnerships yet, but will be announcing the first one later this year.”

There is support for international cards and currencies – 22 as of now, but with a view to expanding into other countries. With Travelex recently shutting down its Supercard service, popular for its low FX fee spending abroad, many eyes will now turn to solutions like this.

On top of that, Curve hints at a world-first ‘financial time travel’ feature. With an app constantly updating and prioritising design, as well as being open to the addition of new tools, Leung is proud that the company’s efforts have resulted in it winning the WIRED Money 2017 startup competition.

 

by Henry Vilar
Henry is Junior Reporter at IBS Intelligence, follow him on Twitter or contact him at: henryv@ibsintelligence.com
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