“Can a card-aggregator turn itself into a profitable subscription smart-wallet by stacking FX savings, cashback and BNPL-style credit on top of customers' existing cards?”
Curve started as a card-aggregator letting consumers consolidate multiple debit/credit cards behind a single Curve Mastercard. With its UK FCA EMI authorisation (Curve UK) and Lithuanian EMI license (Curve Europe UAB, 2020) for EEA continuity, it operates as its own e-money issuer rather than relying on a third-party BaaS. The 2022 Credit Suisse $1B facility funded its pivot beyond card aggregation into consumer lending via Curve Flex (installments) and a 2023 BNPL-style product through Curve Credit Limited. The 2025 'Curve Pay' rebrand repositioned the company as a subscription-tiered smart wallet emphasising FX savings, cashback, and Flex installments rather than just card consolidation.