Credit Suisse Opens $1 Billion Credit Line For Payment Firm Curve

Card and banking app in one Curve has obtained a $1 billion credit line from Credit Suisse to support its Curve Flex instalment transaction product as it expands throughout the UK, EU, and US.

Customers may divide any Curve transaction – at any merchant, with any card, anywhere in the world – into monthly instalments with the Curve Flex offering.

Curve Flex debuted in the United Kingdom with a feature called Swipe Now to Pay Later (‘SNPL’), which allows consumers to divide any Curve card transaction into three, six, nine, or twelve monthly payments.

Curve wants to extend its service across markets into the EU and the US, as well as with additional product offerings such as the option to get a direct line of credit before executing a transaction and the opportunity to refinance current credit lines, now that financing has been secured. In addition, the business intends to offer a buy now, pay later (BNPL)-style loan product for users in-app and in-browser in 2023.

According to Paul Harrald, CIO and global head of Curve’s consumer lending division, the company’s real-time access to important expenditure and behavioral data enables it to make extremely responsible and fast loan offers across a wide range of alternative products.

“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,” he says. “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.”

Curve has received over $180 million in equity investment and has over four million users worldwide.