UK-based Curve, a Fintech startup that consolidates multiple cards and accounts into a single smart card and app, has introduced “Curve Send.” The new service allows users to send and receive funds from any supported account to any other account at no cost, so people don’t have to pay currency conversion charges.
Curve Send is the first product that Curve has developed that is not directly connected to the Curve card. Curve customers are now able to send funds instantly and free of cost from any supported account linked to Curve directly into any other user account, including Monzo and Lloyds or Bank of America accounts.
Curve Send reportedly eliminates the long and cumbersome funds transfer process experienced by most users when they’re trying to perform transactions using several different bank accounts or multiple currencies.
Curve Send aims to make it simple to transfer funds. A Curve customer can make transfers by opening the company’s app, selecting a contact and amount they want to send, and then they can choose any of their bank cards from which they want to send the funds.
After the money has been transferred, the receiver, if they are a Curve user, they just need to choose the bank card on which they want to receive the funds. If the receiver isn’t a Curve user, they have to provide their bank card information or take a picture of their bank card through a link which is provider by the sender. After this step is completed, Curve sends the funds directly to the recipient’s bank account, without charging transaction fees.
Curve’s strategic position as an over-the-top banking service allows it to provide a convenient and seamless experience for consumers sending money in more than 25 currencies.
Diego Rivas, head of OS Product at Curve, stated:
“Customers want to send money to their friends and family with just a few touches. But with so many different options and the rise of challenger banks, the process is unnecessarily complicated, and customers end up having 3-4 apps just to send money.”
He added: “
We wanted to make this whole process ten times easier for our customers. Now they have one simple, smart platform which can move money from any account to any account, securely and fee-free.”
Curve Send is the company’s first major product since its recent fundraising rounds, which were finalized this year. In September 2019, Curve became the fastest startup company to raise £6 million in crowdfunding on the Crowdcube platform.
The company notable raised £1 million in less than five minutes and was also the fastest to raise £4 million, which it raised in only 40 minutes. In July 2019, the company finalized a series B round, valuing Curve at around $250 million.
Curve also recently integrated with both Google Pay, Samsung Pay and several different wearables, potentially allowing millions of people to transact with Curve via their devices.