Curve Raises £37M to Challenge Apple Pay and Expand Digital Wallet Innovations

Curve’s Bold Move: Can the Fintech Challenger Redefine Digital Wallets?

London’s Curve Secures £37M to Accelerate Growth Amidst Fintech Turmoil

Curve, the London-based fintech startup known for consolidating multiple payment cards into one app, has raised £37 million in a funding round led by Hanaco Ventures. Existing investors, including Fuel Ventures, IDC, Outward VC, and Lord Stanley Fink, also participated. The fresh capital aims to strengthen Curve’s financial position, fast-track its path to profitability, and launch new products—most notably Curve Pay, a direct competitor to Apple Pay and Google Wallet. The company claims that this innovation could help banks save millions in transaction fees typically paid to Apple.

Despite securing significant funding, Curve still operates in the red. In 2023, the company reported a £36 million loss, an improvement from the £69.1 million loss in 2022. Revenue, however, is growing—rising from £22.1 million to £26.7 million, driven by interchange fees and subscription services. With a user base of over 6 million customers across 30+ markets, Curve processes billions in payments annually.

The digital payments industry is at a tipping point. Regulatory shifts forcing Apple to open its NFC technology could create opportunities for challengers like Curve. But in an arena dominated by Apple Pay, Google Pay, and giants like Revolut, is Curve’s strategy enough to carve out a defensible niche?

Digital Wallet Wars: Curve’s Position in a Shifting Market

Why the Market Is Ripe for Disruption

Consumer demand for digital wallets and financial super apps is accelerating. With rising digital adoption, users seek streamlined money management across multiple accounts without the hassle of switching banks. The rise of super apps, which integrate payments, lending, and budgeting tools, has reshaped financial behavior globally.

Curve positions itself as an aggregator rather than a replacement, offering users the ability to link all their existing cards into one system. This approach differs from neobanks like Revolut, which require users to hold funds within their ecosystem.

Curve’s Competitive Edge: Unique Features Driving Adoption

All-in-One Wallet: Users can link multiple bank and loyalty cards, simplifying transactions while avoiding foreign exchange fees.
“Go Back in Time®” Feature: A standout innovation allowing users to retroactively move transactions between cards, optimizing rewards and spending.
Curve Pay: A direct challenge to Apple Pay, taking advantage of regulatory shifts that weaken Apple’s NFC exclusivity.
Strategic Partnerships: Collaborations with Samsung, PayPal, and Visa enhance credibility and broaden distribution.

While these features add value, the challenge remains: Can Curve translate user sign-ups into active engagement and long-term profitability?

Curve’s Uphill Battle: Competitive Threats & Market Challenges

Big Tech’s Stronghold on Digital Payments

Apple Pay and Google Pay hold undeniable advantages. Apple’s tight integration with iOS devices and its control over NFC technology create high switching costs for users. Even as regulators force Apple to open access, network effects and consumer habits remain significant hurdles.

Curve’s bid to bypass Apple Pay’s fees may appeal to banks, but convincing millions of users to change their payment habits is a different battle entirely. Ecosystem lock-in is Curve’s toughest competitor.

The Scale Challenge: How Curve Stacks Up Against Rivals

Revolut: Over 50 million users globally, offering a full suite of banking services.
Wise: A leader in international money transfers, with multi-currency capabilities overlapping with Curve’s features.
Traditional Banks & Card Networks: Many are developing their own digital payment solutions to retain customers.

Curve’s differentiation lies in its aggregation model, but without the scale of its competitors, its ability to compete depends on sustaining innovation while controlling operational costs.

Operational & Regulatory Hurdles

Curve’s recent financials signal progress, but challenges persist:

Path to Profitability: While losses are narrowing, the company must balance revenue growth with customer acquisition costs.
Regulatory Barriers: Expanding into markets like the U.S. requires navigating complex financial regulations, a roadblock that has already caused a temporary pause in its U.S. ambitions.

The Bigger Picture: Why Curve’s Success Could Reshape the Industry

The implications of Curve’s model extend beyond its own survival. Its core proposition—aggregating multiple financial services into one seamless interface—challenges the very foundations of digital payments. This strategy could push legacy banks, digital wallets, and even regulators to rethink current structures.

Potential Industry Shakeups If Curve Gains Traction

Banks Under Pressure to Modernize – If Curve’s model proves viable, traditional banks may need to adapt or form partnerships to remain competitive.
Tech Giants Forced to Adjust – Apple’s and Google’s dominant position in mobile payments could erode if regulators continue pushing for more open competition.
Increased Consumer Choice & Transparency – By eliminating hidden fees and offering retroactive spending flexibility, fintech firms like Curve could shift consumer expectations for financial services.

While Curve still faces major hurdles in scale, engagement, and profitability, its success—or failure—will have broader consequences for the fintech landscape.

Can Curve Redefine Digital Payments?

Curve’s £37M funding round signals investor confidence, but its long-term success hinges on its ability to scale effectively, differentiate from neobanks, and convert sign-ups into active users. With regulatory shifts opening opportunities to challenge Apple Pay and Google Wallet, Curve is well-positioned to disrupt the status quo—but only if it can execute its vision at scale.

Investors and industry watchers should keep a close eye on Curve’s customer engagement metrics, expansion strategy, and financial sustainability over the next 12–24 months. If Curve cracks the code, it won’t just be another fintech player—it could be the catalyst for a major shift in how digital payments operate globally.