The venture arm of electronics giant Samsung has made a strategic investment in all-in-one card app Curve.
Curve has now raised over $250 million in total funding, allowing users to consolidate multiple cards into a single smart card and app. With fintech funding becoming increasingly challenging to secure, this new financing provides a welcome boost for the company, which has been reducing its workforce and adjusting its business model in an effort to mitigate ongoing losses and move towards profitability.
The firm, which already powers Samsung Pay+ in the UK, states that the funding will support its ambition to become the “operating system for money.” The specific amount of the investment has not been disclosed.
This initiative may gain significant momentum thanks to Apple’s anticipated deal with the European Commission, which will allow third-party mobile wallet operators access to iPhones.
Curve has also pre-launched its Apple Pay alternative, encouraging users across Europe to switch their default wallets later this year.
Shachar Bialik, CEO of Curve, emphasized, “At Curve, we aim to offer consumers a superior payment experience that provides true value and freedom, far beyond what traditional digital wallets have been able to offer.”