Curve, a Fintech that is on a mission to become a “financial super app,” has posted its annual report. The results are for the period ending December 2020. Curve operates in the UK and the EEA countries reporting 2.6 million customers as of June 2021.
Curve reports full year 2020 revenue of £9.9 million in comparison to 2019 revenue of £5.9 million.
Earnings before interest and depreciation and amortization (EBITDA) generated a loss of £34.7 million in 2020 compared to a loss of £28.5 million in 2019.
Cash and cash equivalents increased to £65 million and net assets increased to £41.2 million reflecting the firm’s Series C fundraising round undertaken during the year. In total, Curve has raised 82.6 million including £9 million raised via a securities crowdfunding offering.
Curve operates under an EMI license issued by the Financial Conduct Authority (FCA) in the UK. In the EEA the license is issued by the Bank Of Lithuania (BOL) and the company explains that it is leveraging this license as a springboard to trade across the EEA.
Curve has received authorization from the FCA and BOL to issue consumer credit in the UK and Lithuania, and report that it is in the final stages of gaining authorization from BOL to issue credit across a number of additional EEA states.
In the US, Curve says it will offer services through a partnership with an “Issuer Bank.”
The strategic focus for Curve is as follows:
- Growing really fast through acquiring more customers and driving engagement;
- Scaling and diversifying revenue by expanding geographically and developing products and benefits that feed the flywheel effect and bring new sources of income with higher margins. Immediate objectives are to broaden our presence in Europe, launch in the US, and scale their Credit product;
- Driving discipline and operational excellence across the entire business to keep their cash burn rate in check and maintain their route to profitability, increasing long-term shareholders value.
Curve’s roadmap beyond payments includes:
- Crypto
- Insurance
- SME banking
- Consumer finance
- other financial products and services.
Curve really is an emerging neo-bank, providing bank-like services as well as modern financial applications demanded by younger consumers all hosted on an app.