The ‘all cards in one’ fintech Curve has been testing its new lending option with just a small number of customers at the moment. The full launch is expected later this year.
Just like Klarna, Curve credit offers credit on purchases made with your Curve card, which is to be paid back in instalments.
Customers will be able to pay off their credit card debt through a 3 or 6-month instalment plan and split transactions, which can be picked retrospectively, into instalments, through the app.
Curve Credit is aiming to attract 300,000 active customers in the UK in the first three years and launch in the US in its first year. Curve as such has managed to overcome the Wirecard struggle and now is looking to raise fresh capital.
The goal is to raise between £100m and £120m in its Series C round. This amount will be Curve’s latest fundraising effort after it closed a $55m Series B round during July 19′.
Paul Harrald, the head of Curve Credit, said “The service will offer our customers a unique combination of capabilities that will generate a truly satisfying experience.”
And with regards to the Covid-19 aftermath, Harrald also told AltFi: “We did bring forward the launch of Curve Credit. Because we had an opportunity to and because we felt if we can get to market sooner rather than later then a lot of people would really be very happy to have Curve Credit available to them.”
“I think the availability of credit is essential in global macroeconomic events like Covid-19 and also when people have personal difficulties that are idiosyncratic to that,” he added.