Curve, a London-based fintech company that consolidates multiple bank and loyalty cards into a single app, has reported a significant reduction in its losses for 2023. While the firm has made financial progress, it has decided to postpone its expansion into the US. The company’s latest financial filings reveal that it has focused on increasing revenue and optimizing costs, leading to improved financial performance. With over 5.5 million customers, Curve continues to build strategic partnerships and develop new payment solutions, but its approach to international growth is being reassessed.
In previous reports, Curve had indicated strong ambitions for US expansion, launching a beta version in 2022. However, challenges in scaling and securing the right partnerships appear to have led to a shift in priorities. The company’s focus now remains on strengthening its presence in the UK and European markets before moving forward with its US plans. Meanwhile, Curve has continued securing funding, raising over £40 million in 2024, which includes equity investments and convertible loans.
How Has Curve Improved Its Financial Performance?
Curve’s pre-tax loss for 2023 stood at £36 million, marking a 48% decrease from the previous year’s £69 million loss. This improvement was attributed to a 21% revenue growth, reaching £26.7 million, along with cost-cutting measures related to product development. Founder and CEO Shachar Bialick emphasized the company’s commitment to achieving profitability, stating:
“We’re managing our growth strategy in a way that brings us closer to profitability. Our priority is sustainable expansion, and we anticipate reaching break-even in the near term.”
What Are Curve’s Plans for Payment Solutions?
Curve is preparing to introduce Curve Pay, a digital payment service positioned as a competitor to Apple (NASDAQ:AAPL) Pay. According to the company, this service aims to provide direct in-app payments while reducing transaction fees paid by banks to Apple. Beta testing for Curve Pay has begun on Android, and a full rollout is expected in the coming months. Commenting on the initiative, Bialick stated:
“Curve Pay will not only consolidate all cards into one app, offering convenience and security but also offers direct in-app payments, eliminates hidden fees like currency conversion charges from all linked cards.”
The company’s workforce saw a reduction from 315 employees to 208 in 2023. While this decrease raised questions about layoffs, Bialick explained that the shift resulted from efficiency improvements, automation, and strategic workforce alignment. He stated:
“Our average employee headcount was reduced through the natural evolution of the business (e.g. increased performance, increased focus); over time, we optimized our teams to ensure our workforce is aligned with current strategic priorities.”
Despite pausing its US expansion, Curve has maintained its commitment to the market, stating that it intends to scale operations there when the timing and conditions are suitable. Bialick reiterated this stance, highlighting that the company is focused on strengthening its core markets in Europe and the UK before expanding further. He added:
“We remain committed to the US market and are laying the groundwork to ensure that when we scale there, we do it responsibly and with the right partnerships.”
Curve’s strategy reflects broader trends in the fintech industry, where firms are balancing expansion with financial sustainability. The decision to delay its US launch aligns with similar approaches seen in other fintech companies that have prioritized profitability over aggressive market entries. As the company continues to develop new payment solutions and refine its operational structure, its financial trajectory will be closely watched.
