Financial app Curve has secured a $1bn credit deal from Swiss banking group Credit Suisse to expand its Curve Flex lending business in the European Union (EU), the UK, and the US.
Curve Flex was launched in the UK with the Swipe Now to Pay Later (SNPL) product that allows customers to divide any transaction they make on the Curve card into instalments of three, six, nine, or 12 months.
The product enables Curve’s customers to manage their cash flow and reduce their borrowing costs.
According to the financial app, flexing a transaction helps in smoothening a larger payment over time. If needed, it can put cash back in a bank account, and offers an easy way to pay off credit card balance.
By securing the credit from Credit Suisse, Curve also plans to come up with new product offerings. These include providing the ability to refinance existing credit lines and the ability to access a direct line of credit prior to making a transaction.
Curve Group CIO and Curve Credit global head Paul Harrald said: “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.”
The company has also revealed its intentions to launch a buy now pay later (BNPL) style lending product for customers both in-app and in-browser in 2023.
Launched in 2018, Curve is a digital wallet that combines all money into a single app with one card.
