Friday 28 May 2021 9:13 am

Crowdfunding: Fintech app Curve rakes in £10m in just 54 hours

Fintech app Curve has raked in nearly £10m in just 54 hours, in the largest equity raise on crowdfunding platform Crowdcube’s record.

A collection of 11,795 investors pushed the equity raise into near double digits, breaking multiple records during Crowdcube’s campaign.

Closing at 3pm yesterday, investors raised £9.9m. The fintech app, which connects all bank accounts and offers spending habit insights, was also the fasted to hit £6m on the British crowdfunding platform – in just two hours and 49 minutes.

“Hats off to Curve for another landmark raise with Crowdcube, they continue to impress investors with their unique proposition. It’s a really exciting time for their shareholders, both new and existing,” Crowdcube cofounder and chief managing officer, Luke Lang, said.

In the first hour, over 4,000 retail investors took part, obliterating Curve’s initial target of a humble £1m within just 10 minutes of the round opening, with more than £3.1m raised in the first 30 minutes.

The fundraise has been Crowdcube’s most popular so far this year and has surpassed Curve’s 2019 crowdfund where it raised a total of £6m.

“Ever since our last crowdfund in 2019, our customers have been requesting another opportunity to take a share in Curve. So, we launched this campaign to give the public a chance to join us as we embark on the next stage of our exciting journey,” founder and CEO Shachar Bialick said.

Curve has raised a total £132m in cash and capital commitments so far, to support its growth in the US and Europe, while planning to launch Curve Credit in the UK later this year.

This figure includes the capital bagged in the app’s recent Series C, led by IDC Ventures, Fuel Venture Capital and Vulcan Capital.