Fintech PR
Curve Secures Additional £58 Million, Bringing its Series C Funding Round to Over £133 Million
In one of the largest funding rounds in Fintech in 2023, Curve secures additional £58M to support its growth ambitions; Company on Trajectory to Reach Profitability in Early 2024
LONDON, Sept. 21, 2023 /PRNewswire/ — Curve, the financial super app that connects all your existing credit and debit cards to one single card and app, today announced that it has raised an additional £58 million extension of its Series C round, bringing its Series C funding total to over £133 million. The extension round saw participation from Britannia, IDC Ventures, Cercano Management (the venture arm of Microsoft co-founder and philanthropist Paul G. Allen’s estate), Cohen Circle, Outward VC as well many other existing shareholders.
The new funds will be used to improve the overall customer experience (Curve just recently rolled out its new app, which includes a marketplace of financial applets), expand its Flex offerings, and bring exciting new partnerships to the market.
“We are extremely pleased with the interest we received in our Series C extension round and the support we received from our existing shareholders,” said Shachar Bialick, founder and CEO of Curve. “It’s a testament of the execution of our team, the strength of our product, and business as a whole. This last raise, like any raise, brings with it renewed responsibility to our shareholders and our customers; To build a good product and an exciting business, by executing well. Curve’s unique, user-friendly and innovative product is something that investors, partners and customers alike are drawn to naturally, and with this additional cash, we look forward to bringing more people closer to financial independence.”
Curve has experienced impressive growth in 2023. Earlier this year, Curve successfully transformed its business model which allowed it to highly improve its gross margin and, in turn, enter a phase of scaling the business in a sustainable way towards the path to profitability.
“Curve isn’t just aggregating funding sources into one credit card, they’re revolutionising how we perceive and access our money,” said Bobby Aitkenhead, co-founder and Managing Director at IDC Ventures. “Thanks to their unique technology and Layer 3 (OTT) approach, they have the capability to intercept the transaction and supercharge the customer experience, with its Double Dip Rewards, or eliminating nasty hidden fees. And they do it seamlessly, without any need for the customer to change the cards they pay with. This in turn gives Curve 360 view of the customer finance, a wealth of data which allows Curve to offer superior, personalised experience for customers, coupled with a strong business model. As they’ve proven in the past 12 months. Our conviction in Curve grew substantially upon witnessing the remarkable capabilities and proven history of its founder and the team he built around him.”
“We’re so excited about Curve and its potential to be a payments super app, as well as its ability to change the way consumers treat their cards and credit as part of a holistic payment methodology. It continues to build and provide its users with great value,” added Daniel Cohen, Co-Founder, Cohen Circle.
Curve has teased a major partnership with a payments giant, but they remain tight-lipped until the announcement is made public later this month. Additionally, Curve is in the midst of rolling out their new Launchpad interface that paves the road for the development of a financial marketplace. This will allow select third party developers to integrate their financial products and services directly into Curve.
Curve, which launched to the public in 2018 and has amassed more than 4.5 million customers globally, gives customers more control over their money by connecting their financial world into a simple yet powerful interface, offering them more convenience, control and savings over their finances. With Curve, customers have full freedom over their money, eliminating expensive hidden currency conversion fees that banks would otherwise charge them. It also provides a complete financial picture, enabling better budgeting and maximising rewards without a second thought.
To date, Curve has raised £208 million in equity investment and has reached millions of customers around the world with its unique product and innovative partnerships with Samsung, Mastercard, Huawei, Swatch and many other leading brands.
This round was advised by Investec.
For more information, visit www.curve.com.
About Curve
Curve is a financial super app. It is on a mission to be the one-stop-shop for all of a consumer’s financial needs; a single point of access to a wide range of financial products and services, bundling together all your money into one smart card and an even smarter app. Unlike other services available in the market today, Curve allows customers to connect and supercharge their legacy banks without signing up to a new bank. Curve is live in 31 markets across the UK and European Economic Area (EEA).
Curve supports Mastercard, Visa, and Diners Club networks. The Curve Card and the E-money related to these cards is issued in the UK by Curve UK Limited, authorised and regulated by the Financial Conduct Authority to issue electronic money (firm reference number 900926). The Curve Card and the e-money related to cards issued in the EEA is issued by Curve Europe UAB, authorised in Lithuania by the Bank of Lithuania (electronic money institution licence No. 73 issued on 22 of October, 2020).
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Fintech PR
Hyundai Motor and Škoda Group to Collaborate on Hydrogen Advancement and Energy Efficient Solutions for Mobility
- Hyundai Motor Company and Škoda Group sign a Memorandum of Understanding (MOU) during the Korea-Czech Business Summit in Prague
- Both parties to cooperate in establishing a hydrogen economy and realizing a sustainable future mobility ecosystem
- Škoda Group to explore hydrogen mobility expansion by adopting Hyundai’s hydrogen fuel cell systems and technologies
SEOUL, South Korea and PRAGUE, Sept. 20, 2024 /PRNewswire/ — Hyundai Motor Company and Škoda Group have signed a Memorandum of Understanding (MOU) to commence collaboration on establishing a hydrogen mobility ecosystem.
The signing ceremony, which took place at the Korea-Czech Republic Business Summit in Prague, was attended by Ken Ramírez, Executive Vice President and Head of Global Commercial Vehicle and Hydrogen Business at Hyundai Motor Company, and Petr Novotný, CEO of Škoda Group.
The MOU covers study on adoption of hydrogen fuel cell systems and technologies, study on adoption of energy efficient solutions for mobility projects and products, and exploring hydrogen ecosystem and value chain opportunities beyond mobility.
“Our partnership with Škoda Group aims to accelerate hydrogen adoption, which would contribute to the advancement of hydrogen technology and carbon neutrality across global markets, including the Czech Republic,” said Executive Vice President Ramírez. “Together with Škoda Group, we strive to lead the rapidly growing hydrogen businesses by creating positive synergies between our fuel cell technology and Škoda Group’s mobility products and projects.”
“We believe that hydrogen, alongside energy-efficient solutions, will play an essential role in transforming mobility for a more sustainable future. Our collaboration with Hyundai Motor Company aims at enabling us to look beyond national borders and explore wider markets where these technologies can have a larger impact. By working together, we can bring innovative, eco-friendly solutions to the global mobility ecosystem, advancing cleaner energy in the areas where it’s needed most,” said Petr Novotný, CEO of Škoda Group.
Both parties share the view that hydrogen will be a key pillar for a sustainable society, starting with mobility. As part of the MOU, the parties will explore the possibility that Hyundai would share its fuel cell system and technology, contributing to the acceleration of eco-friendly mobility across global markets where Škoda Group operates, including the Czech Republic.
Hyundai Motor Company and Škoda Group will also conduct feasibility studies for fuel cell system applications for diverse utilization beyond mobility. Leveraging its global expertise and insights in operating various hydrogen applications in both mobility and energy sectors, Hyundai is poised to play a pivotal role in aiding the energy transition.
Hyundai Motor Group is committed to building a hydrogen society under its hydrogen value chain business brand HTWO, which encompasses the Group’s businesses and affiliates, enabling each stage of the entire hydrogen value chain.
Hyundai Motor Manufacturing Czech (HMMC) in Nošovice, established in 2008, has an annual manufacturing capacity of 350,000 vehicles. Considered one of the most modern car manufacturers in Europe, the manufacturing plant was also the largest foreign investment in the Czech Republic.
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Fintech PR
Banking as a Service Market to Reach $22.6 billion, Globally, by 2032 at 19.3% CAGR: Allied Market Research
An increase in the use of digital transformation technology in banks, along with streamlining financial services drives the growth of the market. In addition, the rise in the adoption of banking & financial sectors across the globe fuels the growth of the market.
PORTLAND, Ore., Sept. 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Banking as a Service Market by Component (Platform and Service), Type (API-based Bank-as-a-service and Cloud-based Bank-as-a-service) and End User (Banks, FinTech Corporations/NBFC and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032“. According to the report, the “banking as a service market” was valued at $4 billion in 2022, and is projected to reach $22.6 billion by 2032, growing at a CAGR of 19.3% from 2023 to 2032.
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An increase in the use of digital transformation technology in banks, along with streamlining financial services drives the growth of the market. In addition, the rise in the adoption of banking & financial sectors across the globe fuels the growth of the market. Moreover, continuous technological innovations as well as a rise in internet and mobile penetration are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the increase in cyber-attacks and the high cost of adoption limits the growth of the banking as a service market.
The platform segment held the highest market share in 2022.
By component, the platform segment dominated the market in 2022, this dominance is driven by the increasing demand for integrated banking solutions that allow financial institutions and fintech companies to offer a wide range of banking services through a single, scalable platform. These platforms enable seamless integration of various financial services such as payments, lending, and account management into third-party applications, making them highly valuable in the rapidly evolving digital banking ecosystem. However, the service segment is expected to witness the largest CAGR of 21.4%, this growth is driven by the increasing need for consulting, integration, and support services that help financial institutions and fintech companies effectively implement and manage BaaS platforms. As more businesses adopt digital banking solutions, the demand for specialized services to ensure seamless platform integration, regulatory compliance, and ongoing technical support is rising.
The banks segment held the highest market share in 2022.
By end user, the banks segment accounted for the largest share in 2022. This dominance is due to banks extensive infrastructure and established networks that facilitate international transactions. Their broad range of services, including secure handling of funds, comprehensive financial offerings, and strong regulatory compliance, contribute to their leading position in the banking as a service market. However, the others segment is expected to witness the largest CAGR of 20.4%. In the rapidly evolving Banking-as-a-Service (BaaS) market, several government initiatives and investment firms are poised to witness significant growth. The regulatory frameworks not only foster innovation but also create a conducive environment for BaaS growth. Similarly, investment firms like Accel Partners, Sequoia Capital, and Andreessen Horowitz are heavily investing in fintech and BaaS platforms, fueling their growth and development.
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Regional Insights: The Europe region held the highest market share in 2022.
By region, the banking as a service market was dominated by Europe in 2022. This dominance is largely attributed to the region’s early adoption of open banking regulations, such as the revised payment services directive (PSD2), which has fostered collaboration between traditional banks and fintech companies. Europe’s regulatory environment encourages innovation and competition in financial services, making it a leading market for BaaS platforms.
Key Industry Developments
- In May 2024, Fintech unicorn Zeta launched a digital credit-as-a-service product for its enterprise customers, primarily banks. The product is based on the credit lines on the UPI scheme that the Reserve Bank of India rolled out in September to reduce the cost of financial services and allow users to access pre-approved credit through their UPI-linked accounts.
- In May 2024, AppTech Payments Corp. launched InstaCash, which utilizes the BaaS for virtual accounts, debit and credit cards, and high-interest-yielding financial products.
- In September 2023, Konsentus partnered with Brankas to enable financial institutions, central banks, and regulators to accelerate their open finance journeys. The integrated technology solutions will deliver ease of use, security, and cost-efficiency for those setting up or participating in open ecosystems.
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Players: –
- Solaris SE
- Bnkbl Ltd
- Treasury Prime
- Block Inc.
- MatchMove Pay Pte Ltd
- ClearBank Ltd
- Stripe Inc.
- Green Dot Corporation
- Starling Bank
- Banco Bilbao Vizcaya Argentaria
- S.A.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the banking-as-a-service market analysis from 2022 to 2032 to identify the prevailing banking-as-a-service market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the banking-as-a-service market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global banking-as-a-service market trends, key players, market segments, application areas, and market growth strategies.
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Banking-as-a-Service Market Key Segments:
By Component
- Platform
- Service
By Type
- API-based Bank-as-a-service
- Cloud-based Bank-as-a-service
By End User
- Banks
- FinTech Corporations/NBFC
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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