← Embedded Finance Index 2026

Curve

“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?”

Founded2015
HQLondon, United Kingdom
IndustryFintech / Consumer banking
The story

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.

Last 12 months
—
Product timeline
2015
Curve founded in London as a card-aggregation 'one card to rule them all' product.· founding
2020
Obtained Lithuanian EMI license via Curve Europe UAB to operate across the EEA post-Brexit.· licensing
2022
Secured $1B credit facility from Credit Suisse to fund Curve Flex installment loans across UK, EEA and US.· lending
2023
Launched BNPL-style lending product on top of Curve Flex.· lending
2025
Rebranded core product to 'Curve Pay' as a smart-wallet, with tiered subscriptions (Curve Pay, Pay X, Pay Pro, Pay Pro+).· pivot
Regulated entities
3
regulatory licences held by Curve
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in Curve’s embedded-finance stack
Payments / PSP
Curve Pay (self-operated)PayPal (integrated funding source)Checkout.com
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Open banking
in the full report
FX & payouts
in the full report
Accounting gap: minor
8 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.