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Curve eyes profitability as fintech halves 2022 losses

Curve profitability
Image credit: Adam Kovacs / Shutterstock

The founder of fintech Curve believes the company is on the path to profitability after it more than halved losses in its latest financial report.

Curve, an app that combines payment cards into a single interface, reported revenue of £45m for the year ended December 2022, up more than four times the £10.7m from 2021.

The revenue growth was in part credited to the increased use of its premium subscription service, which allows fee-free use of Curve, among its customer base.

The company said it grew its number of users by one million in 2022 and increased the proportion of new customers paying a subscription fee from 2.2% in January to 27% in December.

Curve founder Shachar Bialick told Tech.EU that the company “has a strong potential to achieve profitability for 2024”.

The company posted a loss of £22.2m in 2022, a sharp fall from the £52.3m the year prior.

Bialick said the company was forced by the “challenging” economic backdrop of last year to “deprioritise growth” in favour of profitability, which meant cost reduction in the form of, among other measures, layoffs.

The company cut between 60 and 70 jobs in June 2022, representing around 15% of its total workforce.

Speaking to Altfi, Bialick said at the time that in response to economic challenges, “we are reviewing the future structure of our organisation and where we need to focus resources to ensure the continued future success of the business”.

Founded in 2015, Curve has raised more than £200m in funding, with its latest round in September adding £58m to its existing Series C bringing the total to more than £133m.

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