8.6 C
New York
Monday, May 27, 2024
Home Uncategorized Curve reported serious operating losses

Curve reported serious operating losses

Fintech Curve has reported an operating loss of £37.9 million in its annual results for 2020.

Read also: N26 collects 700 million euros in funding

The operating losses that the company has so far reported grew from £6.5 million in 2018 to £28.5 million between November 2018 and December 2019, with 2020’s results having a significant increase.

Revenue was up 86% year-on-year, reaching £9.9 million, Curve’s cost of sales stood at £11.6 million, which led to a gross loss of £1.7 million.

Although Curve’s gross margin improved in 2020, driven by growing premium subscription revenues which had higher margins than card transactions.

After Curve received FCA approval on September 1st, the company has launched a BNPL option called Curve Flex to simplify and unify credit.

Curve Flex is different from other existing BNPL solutions on the market because it is not restricted to specific merchants, accounts, cards, or products.

Curve is now providing its customers with the power to pay later for almost any purchase made at any merchant, from any card, up to a year ago.

The 2020 annual report recorded a 57% increase in total payment volume thanks to new customers and online initiatives in the face of lockdowns.

Card transactions contributed two-thirds of revenues and premium subscriptions one-third, while platform products remained marginal, the company outlines.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.