Curve is a financial service provider that connects debit and credit cards into one. With great exchange rates, rewards, and insights across accounts, their clients don’t need to move banks to improve them. All they need is Curve.
This week Curve announced that the company has closed a deal to fund its first $1 billion in loans with a facility provided by Credit Suisse, enabling Curve to accelerate its lending business, Curve Flex, across the UK, the EU, and the United States.
What problems does the Curve Flexsolve?
The Curve Flex product allows customers to split any transaction they’ve made with Curve – at any merchant, using any card, anywhere in the world – into monthly installments. This uniquely flexible feature allows their clients to be more responsible with their cash flow while reducing their borrowing costs. Flexing a Curve transaction smooths a larger payment over time, can put cash back in a bank account if needed, and provides a convenient way to pay off their credit card balance.
The main benefits of Curve Flex:
- The Solution lets free up money people spent in the past to meet their present and future financial needs.
- People pay lower interest rates than a typical credit card or overdraft, know their repayments upfront, and avoid the hidden costs that often come with other forms of credit.
- Curve’s clients don’t worry about unexpected expenses, knowing they can reshuffle their budget with a simple Flex.
Paul Harrald, CIO of Curve states: “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. 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.”
We want to emphasize that for the last 4 years, Curve Group gain more than 4 million customers globally and has raised more than $180 million in equity investment. It says about their good reputation among the bank customers, and we believe their new solution will be as successful as their previous applications.