Curve closes $1b credit facility from Credit Suisse

By Gloria Methri

All-in-one card and financial app Curve has closed a $1 billion credit line from Credit Suisse to scale its lending business Curve Flex across Europe and the United States. Curve Flex allows customers to split any transaction made with Curve, using any card, anywhere in the world, into monthly installments.

This feature allows customers to be more responsible with their cash flow while reducing their borrowing costs. Flexing a Curve transaction smoothens a larger payment over time, can put cash back in an account if needed, and provides a convenient way to pay off their credit card balance.

“We have ambitious plans for lending. We have launched and very successfully tested our unique Curve Flex product and are delighted to be able to scale our lending capabilities with this new financing,” said Paul Harrald, CIO of Curve Group and the Global Head of Curve Credit, its consumer lending business.

“Securing financing of this size during this period of economic uncertainty is a testament to the broad support of our bold expansion plans underpinned with now demonstrated expertise with data. We certainly are very pleased with the results of our lending to date, with our highly responsible approach encouraging responsible borrowing providing for excellent credit quality in a difficult market.”

In the UK, Curve Flex launched a product called Swipe Now to Pay Later (‘SNPL’) – enabling customers to split any card transaction into three, six, nine, or 12 monthly installments.

To date, the company has raised more than $180 million in equity investment and has reached millions of customers around the world with its product and innovative partnerships with the likes of Samsung.

With the latest funding secured, Curve now plans to expand its offering across markets into the EU and the US as well as with new product offerings. In 2023, the company also plans to launch a buy now pay later (BNPL)-style lending product for customers both in-app and in-browser.