The service gives users the ability to track all their finances and transactions in one single place, offering a cashback and rewards scheme on purchases. When all your credit and debit cards are linked in one location, you can then use Curve’s own card rather than having to use multiple cards.
When you use Curve, they pay the merchant, then charge your credit card themselves. Your transactions will still appear on your individual cards, but it will be made clear that the purchase was made through Curve.
The app will also give US users access to its buy now, pay later feature, called “Curve Credit”. This allows customers to use Curve’s credit when making purchases, meaning they can pay it back altogether at a later date, or in instalments through a payment plan. Customers will get the option to pay back in three-, six-, or 12-month instalments.
Curve raised $95 million for its US expansion
The US launch comes after the company raised $95 million worth of funding in 2021. While there is a lot of competition for retail banking in the US, the launch showed promise, as at least 15,000 US users signed up for the waitlist when it was announced.
Those who did sign up for the waitlist are told they will receive an additional 1% bonus cashback on every purchase made for the first six months.
Curve originally launched in the UK in 2018 and has since spread to a further 31 markets around the world. Already offering support to 2 million users as of January 2021 with a loyal customer base behind them, Curve hopes they will experience the same success in US markets.
At a time when people tend to hold multiple debit and credit cards, Shachar Bialick, CEO and founder of Curve, hopes the launch of their service will make managing finances easier for US customers.
He said: “Curve is evolving and to launch in the US is an incredibly exciting milestone for us. Americans hold four debit cards and credit cards on average, which we aim to simplify down to one card and one app to put people in better control of their money.
“It’s also a challenging time for consumer finances in the US. Inflation is at an all-time high and rate hikes are on the horizon. By empowering US customers with their finances, we hope to help more people towards a better financial future.”