Card company Curve is preparing to raise up to £120m as part of its bid to become the "Amazon of banking".
The London-headquartered business is seeking to secure between £100m and £120m in a Series C round, according to trade website Sifted . It would be one of the largest investments in Britain's fintech scene since the start of the pandemic, and would build on £44m raised by the business last year.
The company offers a card to customers that can be used for accounts with several banks at once. Curve customers can also use a smartphone app to make contactless payments with a card of their choice.
The start-up was last valued at $250m, and any new investment is expected to value it at under $1bn, meaning Curve will fall short of the coveted “unicorn” status. Existing investors in Curve include Gauss Ventures, based in London and Berlin.
It comes as many British fintech start-ups cut back plans for expansion after the pandemic left them scrambling for survival.
Monzo, the challenger bank, has been hit by a jump in losses from £47.1m to £113.8m in the year to February as a result of disruption from Covid-19 , and has been forced to lay off as many as 80 staff.
Curve's potential Series C round would rival a $150m investment in London-based payments business Checkout.com in June that put the value of the firm at $5.5bn.
Curve will reportedly use the funds to fuel its international expansion. The company currently operates in countries across Europe, but it has been suggested that as few as 14pc of Curve's more than 500,000 customers actively use the card.
Earlier this year Curve's chief executive Shachar Bialick said the 14pc figure was inaccurate.
Curve declined to comment on the funding plans.
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